Innovative Industrial Properties (NYSE:IIPR) Reaches New 12-Month High – Time to Buy?

Innovative Industrial Properties, Inc. (NYSE:IIPR)’s stock price reached a new 52-week high during trading on Friday . The stock traded as high as $62.51 and last traded at $62.4850, with a volume of 129444 shares traded. The stock had previously closed at $61.16.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the company. Weiss Ratings upgraded Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Zacks Research downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Finally, Compass Point raised Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price target on the stock in a research report on Tuesday, March 3rd. Four analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Reduce” and an average target price of $45.00.

Innovative Industrial Properties Stock Up 3.0%

The firm’s 50 day simple moving average is $57.27 and its 200-day simple moving average is $53.04. The company has a market cap of $1.81 billion, a price-to-earnings ratio of 16.12 and a beta of 1.42. The company has a debt-to-equity ratio of 0.20, a current ratio of 6.06 and a quick ratio of 6.06.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, May 4th. The company reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.05). The firm had revenue of $69.00 million during the quarter, compared to analysts’ expectations of $65.65 million. Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.94 earnings per share. As a group, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be given a $1.90 dividend. The ex-dividend date is Tuesday, June 30th. This represents a $7.60 annualized dividend and a yield of 12.1%. Innovative Industrial Properties’s dividend payout ratio is 194.37%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Arrowstreet Capital Limited Partnership raised its holdings in shares of Innovative Industrial Properties by 3,423.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company’s stock valued at $27,066,000 after buying an additional 524,284 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Innovative Industrial Properties by 229.6% during the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company’s stock worth $15,906,000 after buying an additional 200,652 shares during the last quarter. Millennium Management LLC increased its position in Innovative Industrial Properties by 1,131.0% in the 1st quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock valued at $8,520,000 after acquiring an additional 144,714 shares during the period. Invesco Ltd. raised its stake in Innovative Industrial Properties by 40.5% during the 2nd quarter. Invesco Ltd. now owns 382,133 shares of the company’s stock valued at $21,101,000 after acquiring an additional 110,236 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Innovative Industrial Properties by 26.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 509,124 shares of the company’s stock valued at $24,112,000 after acquiring an additional 105,569 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

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.