Innovative Industrial Properties (NYSE:IIPR) Shares Gap Down – Time to Sell?

Innovative Industrial Properties, Inc. (NYSE:IIPR) shares gapped down before the market opened on Thursday . The stock had previously closed at $123.00, but opened at $113.20. Innovative Industrial Properties shares last traded at $111.14, with a volume of 165,231 shares.

Wall Street Analysts Forecast Growth

IIPR has been the topic of several research reports. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Piper Sandler boosted their target price on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. Finally, Roth Mkm upped their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 22nd.

Innovative Industrial Properties Price Performance

The firm has a market capitalization of $3.08 billion, a price-to-earnings ratio of 19.61 and a beta of 1.37. The stock’s fifty day moving average price is $130.37 and its two-hundred day moving average price is $118.34. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing the consensus estimate of $2.08 by ($0.64). The business had revenue of $79.79 million during the quarter, compared to analysts’ expectations of $77.18 million. Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The business’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same period last year, the company earned $2.26 EPS. Equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 7.00%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 133.33%.

Hedge Funds Weigh In On Innovative Industrial Properties

Large investors have recently bought and sold shares of the business. Focused Wealth Management Inc grew its holdings in shares of Innovative Industrial Properties by 2.4% during the second quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock worth $432,000 after purchasing an additional 93 shares during the last quarter. Bristlecone Advisors LLC grew its holdings in shares of Innovative Industrial Properties by 0.8% during the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock worth $1,696,000 after purchasing an additional 103 shares during the last quarter. Cape Investment Advisory Inc. boosted its stake in Innovative Industrial Properties by 11.6% during the 1st quarter. Cape Investment Advisory Inc. now owns 1,098 shares of the company’s stock worth $114,000 after purchasing an additional 114 shares during the period. Baader Bank Aktiengesellschaft increased its stake in Innovative Industrial Properties by 2.1% in the second quarter. Baader Bank Aktiengesellschaft now owns 5,616 shares of the company’s stock valued at $611,000 after purchasing an additional 116 shares during the period. Finally, Hancock Whitney Corp raised its holdings in shares of Innovative Industrial Properties by 2.4% in the first quarter. Hancock Whitney Corp now owns 5,227 shares of the company’s stock valued at $541,000 after buying an additional 124 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

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.