Innovative Industrial Properties (NYSE:IIPR) Shares Gap Up – Time to Buy?

Innovative Industrial Properties, Inc. (NYSE:IIPR) shares gapped up before the market opened on Thursday . The stock had previously closed at $66.34, but opened at $74.40. Innovative Industrial Properties shares last traded at $69.38, with a volume of 100,062 shares traded.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $118.00 to $70.00 in a research note on Friday, December 20th. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Finally, Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Innovative Industrial Properties has an average rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Price Performance

The business has a fifty day moving average of $82.42 and a two-hundred day moving average of $109.27. 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 firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of 12.75 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. Innovative Industrial Properties’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.29 earnings per share. As a group, research analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $1.90 per share. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 10.60%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds 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 approximately $25,000. Bogart Wealth LLC bought a new position in Innovative Industrial Properties during the 4th quarter worth $27,000. Compass Financial Services Inc acquired a new position in Innovative Industrial Properties in the 4th quarter valued at $32,000. Canton Hathaway LLC bought a new stake in shares of Innovative Industrial Properties during the 3rd quarter valued at $55,000. Finally, Loomis Sayles & Co. L P grew its holdings in shares of Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after purchasing an additional 407 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

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.