Innovative Industrial Properties (NYSE:IIPR) Upgraded to “Hold” at Wolfe Research

Wolfe Research upgraded shares of Innovative Industrial Properties (NYSE:IIPR) to a hold rating in a research note released on Monday morning, Zacks.com reports.

Several other analysts also recently issued reports on IIPR. Piper Sandler raised their price target on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a neutral rating in a report on Friday, August 9th. Roth Mkm increased their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a buy rating in a report on Monday, July 22nd. Three analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, Innovative Industrial Properties presently has an average rating of Hold and an average target price of $130.00.

Innovative Industrial Properties Stock Performance

Innovative Industrial Properties stock opened at $135.54 on Monday. The company has a market cap of $3.84 billion, a PE ratio of 23.78 and a beta of 1.35. Innovative Industrial Properties has a 12 month low of $69.08 and a 12 month high of $138.35. The company has a fifty day moving average price of $123.44 and a two-hundred day moving average price of $111.71. The company has a debt-to-equity ratio of 0.15, a current ratio of 18.06 and a quick ratio of 18.06.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The business had revenue of $79.79 million for the quarter, compared to the consensus estimate of $77.18 million. During the same period in the prior year, the company earned $2.26 EPS. Innovative Industrial Properties’s quarterly revenue was up 4.4% on a year-over-year basis. Research analysts expect that Innovative Industrial Properties will post 8.47 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $1.90 dividend. The ex-dividend date is Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 5.61%. Innovative Industrial Properties’s dividend payout ratio is presently 133.33%.

Institutional Trading of Innovative Industrial Properties

Institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP lifted its position in Innovative Industrial Properties by 57.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 202,637 shares of the company’s stock worth $20,430,000 after purchasing an additional 74,289 shares during the period. Norges Bank bought a new stake in shares of Innovative Industrial Properties in the 4th quarter worth $31,116,000. PNC Financial Services Group Inc. lifted its holdings in shares of Innovative Industrial Properties by 91.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,014 shares of the company’s stock valued at $304,000 after buying an additional 1,437 shares during the period. Corient Private Wealth LLC bought a new position in Innovative Industrial Properties during the fourth quarter valued at about $648,000. Finally, Franklin Resources Inc. grew its holdings in Innovative Industrial Properties by 2.2% during the fourth quarter. Franklin Resources Inc. now owns 17,385 shares of the company’s stock worth $1,753,000 after acquiring an additional 371 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.