Piper Sandler Cuts Innovative Industrial Properties (NYSE:IIPR) Price Target to $55.00

Innovative Industrial Properties (NYSE:IIPR) had its price target decreased by Piper Sandler from $60.00 to $55.00 in a research note released on Monday,Benzinga reports. Piper Sandler currently has an underweight rating on the stock.

IIPR has been the topic of several other reports. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Compass Point reiterated a “sell” rating and set a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday. Roth Mkm reduced their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Finally, Industrial Alliance Securities set a $60.00 price objective on Innovative Industrial Properties in a research report on Tuesday, March 18th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $85.00.

Innovative Industrial Properties Price Performance

IIPR stock opened at $56.67 on Monday. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.61 billion, a PE ratio of 10.25 and a beta of 1.49. The stock has a 50-day moving average price of $69.50 and a two-hundred day moving average price of $93.77. Innovative Industrial Properties has a 1 year low of $49.51 and a 1 year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The business had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. Equities analysts forecast that Innovative Industrial Properties will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 13.41%. Innovative Industrial Properties’s payout ratio is 137.43%.

Insider Transactions at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the sale, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.50% of the company’s stock.

Institutional Trading of Innovative Industrial Properties

Hedge funds have recently added to or reduced their stakes in the stock. Summit Investment Advisors Inc. lifted its position in shares of Innovative Industrial Properties by 5.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company’s stock valued at $196,000 after buying an additional 160 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its holdings in Innovative Industrial Properties by 4.0% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company’s stock valued at $288,000 after purchasing an additional 164 shares during the last quarter. Roberts Glore & Co. Inc. IL boosted its position in Innovative Industrial Properties by 4.6% during the fourth quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company’s stock worth $261,000 after purchasing an additional 172 shares during the period. Avantax Advisory Services Inc. increased its stake in shares of Innovative Industrial Properties by 2.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company’s stock worth $636,000 after purchasing an additional 192 shares in the last quarter. Finally, Pinebridge Investments L.P. increased its stake in shares of Innovative Industrial Properties by 4.3% in the fourth quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company’s stock worth $312,000 after purchasing an additional 193 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

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.