Innovative Industrial Properties, Inc. (NYSE:IIPR) Receives Consensus Rating of “Reduce” from Analysts

Innovative Industrial Properties, Inc. (NYSE:IIPR) has been assigned a consensus recommendation of “Reduce” from the six brokerages that are presently covering the company, MarketBeat reports. Two investment analysts have rated the stock with a sell recommendation, three have issued a hold recommendation and one has given a buy recommendation to the company. The average 1-year target price among analysts that have issued a report on the stock in the last year is $68.20.

Several equities research analysts recently issued reports on IIPR shares. Weiss Ratings raised shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday. Piper Sandler raised their target price on Innovative Industrial Properties from $43.00 to $44.00 and gave the company an “underweight” rating in a report on Wednesday, November 5th.

Innovative Industrial Properties Trading Down 0.2%

Shares of NYSE IIPR opened at $50.72 on Friday. The business has a 50 day simple moving average of $50.58 and a 200 day simple moving average of $52.80. Innovative Industrial Properties has a 52 week low of $44.58 and a 52 week high of $75.71. The stock has a market cap of $1.42 billion, a price-to-earnings ratio of 12.02 and a beta of 1.46. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.75 and a current ratio of 2.75.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, November 3rd. The company reported $1.71 earnings per share for the quarter, missing the consensus estimate of $1.73 by ($0.02). The business had revenue of $64.69 million for the quarter, compared to the consensus estimate of $63.72 million. Innovative Industrial Properties had a net margin of 45.80% and a return on equity of 6.77%. Innovative Industrial Properties’s revenue was down 15.4% compared to the same quarter last year. During the same period in the previous year, the business posted $2.25 EPS. On average, research analysts predict that Innovative Industrial Properties will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 15.0%. The ex-dividend date was Wednesday, December 31st. Innovative Industrial Properties’s payout ratio is 180.09%.

Insider Buying and Selling

In other news, Chairman Alan D. Gold bought 2,600 shares of the stock in a transaction that occurred on Monday, November 24th. The shares were acquired at an average cost of $49.09 per share, for a total transaction of $127,634.00. Following the purchase, the chairman owned 2,600 shares of the company’s stock, valued at $127,634. This represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO David Jon Smith bought 600 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was purchased at an average price of $45.90 per share, for a total transaction of $27,540.00. Following the acquisition, the chief financial officer directly owned 600 shares in the company, valued at approximately $27,540. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders have acquired 4,200 shares of company stock valued at $201,434 in the last ninety days. Company insiders own 2.00% of the company’s stock.

Institutional Investors Weigh In On Innovative Industrial Properties

Several hedge funds have recently made changes to their positions in the stock. AlphaCore Capital LLC bought a new position in Innovative Industrial Properties during the second quarter valued at about $11,576,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Innovative Industrial Properties by 229.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company’s stock worth $15,906,000 after purchasing an additional 200,652 shares in the last quarter. Edgestream Partners L.P. bought a new stake in shares of Innovative Industrial Properties during the second quarter valued at approximately $8,099,000. Millennium Management LLC raised its stake in shares of Innovative Industrial Properties by 1,131.0% in the first quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock valued at $8,520,000 after purchasing an additional 144,714 shares in the last quarter. Finally, Invesco Ltd. lifted its position in Innovative Industrial Properties by 40.5% in the second quarter. Invesco Ltd. now owns 382,133 shares of the company’s stock worth $21,101,000 after purchasing an additional 110,236 shares during the period. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.