Innovative Industrial Properties’ (IIPR) Market Perform Rating Reiterated at JMP Securities

JMP Securities reiterated their market perform rating on shares of Innovative Industrial Properties (NYSE:IIPR) in a research report report published on Monday morning,Benzinga reports.

Several other analysts also recently weighed in on IIPR. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Piper Sandler reduced their target price on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Finally, Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research note on Friday, November 8th. Three investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of “Moderate Buy” and an average target price of $128.25.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR opened at $98.06 on Monday. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties has a 12 month low of $87.52 and a 12 month high of $138.35. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 17.45 and a beta of 1.30. The firm’s 50-day moving average is $116.88 and its 200 day moving average is $118.40.

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

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a $1.90 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 7.75%. Innovative Industrial Properties’s payout ratio is presently 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

Institutional investors have recently bought and sold shares of the business. Wellington Management Group LLP boosted its position 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 acquiring an additional 185,855 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in shares of Innovative Industrial Properties by 1,054.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company’s stock worth $8,354,000 after purchasing an additional 56,689 shares during the last quarter. Dimensional Fund Advisors LP boosted its position in 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 purchasing an additional 45,779 shares in the last quarter. Jupiter Asset Management Ltd. grew its stake in Innovative Industrial Properties by 279.1% in the second quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock valued at $5,171,000 after purchasing an additional 34,854 shares during the last quarter. Finally, Barclays PLC raised its holdings in 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 purchasing an additional 31,295 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

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.