Piper Sandler Has Lowered Expectations for Innovative Industrial Properties (NYSE:IIPR) Stock Price

Innovative Industrial Properties (NYSE:IIPR) had its price target reduced by equities researchers at Piper Sandler from $120.00 to $118.00 in a research report issued on Friday,Benzinga reports. The brokerage presently has a “neutral” rating on the stock. Piper Sandler’s price target would suggest a potential upside of 7.20% from the company’s current price.

Several other research firms have also commented on IIPR. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a research report on Friday. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Finally, Roth Mkm raised their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $127.67.

Innovative Industrial Properties Stock Down 10.5 %

IIPR stock opened at $110.07 on Friday. The company has a market capitalization of $3.12 billion, a P/E ratio of 19.31 and a beta of 1.37. Innovative Industrial Properties has a 12 month low of $73.04 and a 12 month high of $138.35. The firm’s fifty day simple moving average is $130.09 and its 200-day simple moving average is $118.28. The company has a debt-to-equity ratio of 0.15, a current ratio of 18.06 and a quick ratio of 18.06.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.64). The company had revenue of $79.79 million for the quarter, compared to analyst estimates of $77.18 million. Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. Innovative Industrial Properties’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.26 earnings per share. As a group, equities research analysts forecast that Innovative Industrial Properties will post 8.47 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. USA Financial Formulas acquired a new stake in shares of Innovative Industrial Properties in the third quarter valued at about $25,000. US Bancorp DE raised its holdings in Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after acquiring an additional 189 shares during the last quarter. Blue Trust Inc. raised its holdings in Innovative Industrial Properties by 2,085.7% in the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after acquiring an additional 438 shares during the last quarter. Signaturefd LLC lifted its stake in Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after purchasing an additional 150 shares in the last quarter. Finally, Federated Hermes Inc. boosted its holdings in shares of Innovative Industrial Properties by 138.1% during the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after purchasing an additional 312 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

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.