Innovative Industrial Properties (NYSE:IIPR) Now Covered by Alliance Global Partners

Alliance Global Partners assumed coverage on shares of Innovative Industrial Properties (NYSE:IIPR) in a report released on Tuesday morning, Marketbeat reports. The firm issued a buy rating and a $130.00 target price on the stock.

Other equities analysts have also issued research reports about the company. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Friday, November 8th. Finally, Piper Sandler decreased their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Three investment analysts have rated the stock with a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $128.25.

Innovative Industrial Properties Stock Down 0.8 %

IIPR opened at $101.27 on Tuesday. The firm has a market cap of $2.87 billion, a price-to-earnings ratio of 18.00 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The firm’s 50-day simple moving average is $117.44 and its 200-day simple moving average is $118.44. Innovative Industrial Properties has a twelve month low of $87.52 and a twelve month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share 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 the consensus estimate of $77.30 million. During the same period in the prior year, the company posted $2.29 earnings per share. Innovative Industrial Properties’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities research analysts anticipate that Innovative Industrial Properties will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be paid a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 7.50%. 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

Institutional investors and hedge funds have recently modified their holdings of the business. Focused Wealth Management Inc grew its holdings in Innovative Industrial Properties by 2.4% during the 2nd quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock worth $432,000 after acquiring an additional 93 shares during the period. Bristlecone Advisors LLC grew its stake 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 period. Signaturefd LLC increased its holdings in Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares during the last quarter. Dynamic Advisor Solutions LLC lifted its stake in Innovative Industrial Properties by 3.2% in the third quarter. Dynamic Advisor Solutions LLC now owns 5,490 shares of the company’s stock valued at $739,000 after buying an additional 168 shares during the period. Finally, USA Financial Formulas bought a new position in Innovative Industrial Properties during the third quarter worth about $25,000. 70.58% of the stock is owned by institutional investors.

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.