Innovative Industrial Properties, Inc. (NYSE:IIPR) Stock Has Consensus Target Price of $51.81 According to Analysts

Innovative Industrial Properties, Inc. (NYSE:IIPR) has been assigned a consensus rating of “Hold” from the six analysts that are covering the stock, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokers that have covered the stock in the last year is $51.81.

Several analysts recently commented on IIPR shares. Piper Sandler raised their price target on shares of Innovative Industrial Properties from $44.00 to $46.00 and gave the stock an “underweight” rating in a report on Wednesday. Huntington began coverage on shares of Innovative Industrial Properties in a research report on Friday, October 2nd. They set an “outperform” rating and a $60.00 price objective on the stock. Stifel Nicolaus started coverage on shares of Innovative Industrial Properties in a research note on Wednesday, October 14th. They issued a “buy” rating and a $56.25 price objective on the stock. Finally, 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.

Innovative Industrial Properties Trading Down 1.0%

Shares of NYSE IIPR opened at $54.73 on Friday. Innovative Industrial Properties has a one year low of $44.58 and a one year high of $65.38. The firm has a market capitalization of $1.51 billion, a PE ratio of 12.35 and a beta of 1.33. The company has a current ratio of 10.66, a quick ratio of 24.51 and a debt-to-equity ratio of 0.41. The business has a 50-day moving average price of $54.26 and a two-hundred day moving average price of $55.16.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Monday, November 2nd. The company reported $0.99 earnings per share for the quarter, beating the consensus estimate of $0.90 by $0.09. The company had revenue of $64.92 million for the quarter, compared to analysts’ expectations of $61.03 million. Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 53.20%. As a group, analysts predict that Innovative Industrial Properties will post 6.85 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Wednesday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.9%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 171.56%.

Insider Activity

In related news, Director Bruce Ives purchased 528 shares of the stock in a transaction dated Monday, August 31st. The shares were acquired at an average cost of $56.70 per share, for a total transaction of $29,937.60. Following the acquisition, the director directly owned 3,180 shares in the company, valued at approximately $180,306. The trade was a 19.91% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Scott Shoemaker sold 611 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $56.36, for a total transaction of $34,435.96. Following the completion of the transaction, the director directly owned 2,000 shares in the company, valued at $112,720. This trade represents a 23.40% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.30% of the stock is currently owned by corporate insiders.

Institutional Trading of Innovative Industrial Properties

A number of institutional investors have recently bought and sold shares of the company. Nykredit A S acquired a new position in Innovative Industrial Properties in the 2nd quarter worth about $25,000. Jacobi Capital Management LLC purchased a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth about $25,000. Fortitude Family Office LLC purchased a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth about $26,000. Heritage Family Offices LLP purchased a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth about $28,000. Finally, Caitlin John LLC acquired a new stake in shares of Innovative Industrial Properties during the 2nd quarter valued at about $36,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry in the United States. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and manufacturing facilities used by state-licensed cannabis operators.

Innovative Industrial Properties generally leases its properties to cannabis companies under long-term, typically triple-net lease agreements. Under these arrangements, tenants are generally responsible for property-level operating expenses, while the company provides real estate capital and manages its portfolio as a landlord.

Founded in 2016, Innovative Industrial Properties has expanded through property acquisitions, sale-leaseback transactions and investments in the development or redevelopment of cannabis facilities.