Innovative Industrial Properties (NYSE:IIPR) Reaches New 52-Week Low – Time to Sell?

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s stock price reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $62.45 and last traded at $64.96, with a volume of 282518 shares trading hands. The stock had previously closed at $63.43.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $118.00 to $70.00 in a report on Friday, December 20th. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Finally, BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Stock Up 2.4 %

The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The company has a market capitalization of $1.84 billion, a price-to-earnings ratio of 11.56 and a beta of 1.39. The firm’s 50-day simple moving average is $95.04 and its two-hundred day simple moving average is $113.74.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. During the same period last year, the firm earned $2.29 EPS. Innovative Industrial Properties’s revenue was down 1.7% compared to the same quarter last year. Sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 11.70%. The ex-dividend date of this dividend is Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Institutional Investors Weigh In On Innovative Industrial Properties

Large investors have recently added to or reduced their stakes in the business. USA Financial Formulas acquired a new position in Innovative Industrial Properties during the third quarter worth about $25,000. Canton Hathaway LLC acquired a new position in shares of Innovative Industrial Properties during the 3rd quarter worth approximately $55,000. Loomis Sayles & Co. L P lifted its stake in Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after buying an additional 407 shares in the last quarter. US Bancorp DE increased its position in Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after buying an additional 189 shares in the last quarter. Finally, Federated Hermes Inc. raised its holdings in shares of Innovative Industrial Properties by 138.1% in the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after acquiring an additional 312 shares during the last quarter. 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.