Alliance Global Partners Initiates Coverage on Innovative Industrial Properties (NYSE:IIPR)

Equities researchers at Alliance Global Partners began coverage on shares of Innovative Industrial Properties (NYSE:IIPR) in a report released on Tuesday, MarketBeat Ratings reports. The firm set a “buy” rating and a $130.00 price target on the stock. Alliance Global Partners’ price objective would suggest a potential upside of 32.57% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research report on Friday, November 8th. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Finally, Piper Sandler lowered their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Three research analysts have rated the stock with a hold rating, three have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $128.25.

Innovative Industrial Properties Trading Down 3.2 %

Shares of Innovative Industrial Properties stock opened at $98.06 on Tuesday. Innovative Industrial Properties has a fifty-two week low of $87.52 and a fifty-two week high of $138.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The company has a market capitalization of $2.78 billion, a P/E ratio of 17.45 and a beta of 1.30. The company has a fifty day moving average of $116.88 and a 200 day moving average of $118.40.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The business had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.29 EPS. On average, sell-side analysts anticipate that Innovative Industrial Properties will post 8.36 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Innovative Industrial Properties

Hedge funds and other institutional investors have recently made changes to their positions in the company. Wellington Management Group LLP grew its holdings in Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after purchasing an additional 185,855 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Innovative Industrial Properties by 1,054.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company’s stock valued at $8,354,000 after buying an additional 56,689 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after buying an additional 45,779 shares during the last quarter. Jupiter Asset Management Ltd. grew its stake in shares of Innovative Industrial Properties by 279.1% during the second quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock valued at $5,171,000 after buying an additional 34,854 shares during the last quarter. Finally, Barclays PLC raised its holdings in shares of Innovative Industrial Properties by 187.5% in the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after buying an additional 31,295 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

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.