Innovative Industrial Properties, Inc. (NYSE:IIPR) Stock Has Consensus Target Price of $51.31 According to Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have earned a consensus rating of “Hold” from the six brokerages that are covering the firm, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The average 1-year price target among brokers that have covered the stock in the last year is $51.31.

Several equities analysts have recently issued reports on the stock. Piper Sandler lowered their price objective on shares of Innovative Industrial Properties from $51.00 to $44.00 and set an “underweight” rating on the stock in a research note on Monday. Weiss Ratings downgraded shares of Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a research report on Thursday, October 8th. Stifel Nicolaus set a $56.25 target price on shares of Innovative Industrial Properties and gave the stock a “buy” rating in a research report on Wednesday. Finally, Huntington began coverage on shares of Innovative Industrial Properties in a research note on Friday, October 2nd. They issued an “outperform” rating and a $60.00 price target on the stock.

Insider Buying and Selling

In other Innovative Industrial Properties news, Chairman Alan Gold purchased 40,000 shares of the stock in a transaction dated Thursday, October 8th. The shares were bought at an average cost of $25.00 per share, with a total value of $1,000,000.00. Following the completion of the transaction, the chairman owned 40,000 shares in the company, valued at $1,000,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Scott Shoemaker sold 611 shares of the stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total value of $34,435.96. Following the completion of the sale, the director directly owned 2,000 shares of the company’s stock, valued at $112,720. This represents a 23.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 2.30% of the company’s stock.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Focus Financial Network Inc. lifted its holdings in Innovative Industrial Properties by 4.6% during the third quarter. Focus Financial Network Inc. now owns 4,602 shares of the company’s stock worth $242,000 after acquiring an additional 204 shares in the last quarter. GAMMA Investing LLC grew its stake in Innovative Industrial Properties by 26.3% in the third quarter. GAMMA Investing LLC now owns 1,833 shares of the company’s stock valued at $97,000 after acquiring an additional 382 shares during the period. Farther Finance Advisors LLC increased its holdings in shares of Innovative Industrial Properties by 153.3% in the third quarter. Farther Finance Advisors LLC now owns 2,764 shares of the company’s stock worth $146,000 after acquiring an additional 1,673 shares in the last quarter. QRG Capital Management Inc. increased its holdings in shares of Innovative Industrial Properties by 144.9% in the second quarter. QRG Capital Management Inc. now owns 10,229 shares of the company’s stock worth $634,000 after acquiring an additional 6,053 shares in the last quarter. Finally, Integrated Wealth Concepts LLC bought a new stake in shares of Innovative Industrial Properties in the second quarter worth about $211,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock traded up $0.68 during trading on Wednesday, hitting $52.23. 80,623 shares of the stock were exchanged, compared to its average volume of 351,066. The stock’s fifty day moving average is $55.52 and its 200 day moving average is $56.90. Innovative Industrial Properties has a 12 month low of $44.58 and a 12 month high of $65.38. The stock has a market cap of $1.44 billion, a PE ratio of 11.85 and a beta of 1.37. The company has a debt-to-equity ratio of 0.35, a quick ratio of 24.51 and a current ratio of 24.51.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.34. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%. The company had revenue of $63.31 million for the quarter, compared to analysts’ expectations of $67.09 million. As a group, sell-side analysts anticipate that Innovative Industrial Properties will post 7.04 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Wednesday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 14.5%. Innovative Industrial Properties’s dividend payout ratio is presently 172.34%.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and distribution facilities, that are leased to experienced cannabis operators.

Innovative Industrial Properties generally provides capital to cannabis companies through sale-leaseback transactions and other real estate arrangements. Its leases are typically structured as long-term, triple-net agreements, under which tenants are generally responsible for property operating expenses, maintenance and taxes.

Founded in 2016, the company serves state-regulated cannabis markets in the United States, with properties located in jurisdictions that permit medical-use cannabis.