Innovative Industrial Properties (NYSE:IIPR) Shares Gap Down – Time to Sell?

Innovative Industrial Properties, Inc. (NYSE:IIPR) shares gapped down before the market opened on Monday . The stock had previously closed at $69.62, but opened at $66.46. Innovative Industrial Properties shares last traded at $64.77, with a volume of 129,361 shares traded.

Analyst Ratings Changes

IIPR has been the topic of a number of research reports. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $118.00 to $70.00 in a report on Friday, December 20th. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Finally, BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $102.00.

Innovative Industrial Properties Stock Down 7.2 %

The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The stock’s 50-day moving average is $70.56 and its 200-day moving average is $99.19. The company has a market cap of $1.83 billion, a price-to-earnings ratio of 11.69 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. On average, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $1.90 per share. The ex-dividend date is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.76%. Innovative Industrial Properties’s payout ratio is presently 137.43%.

Insiders Place Their Bets

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now owns 1,346 shares in the company, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 1.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of IIPR. US Bancorp DE raised its holdings in Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after buying an additional 189 shares during the last quarter. Crossmark Global Holdings Inc. grew its stake in shares of Innovative Industrial Properties by 21.8% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 2,539 shares of the company’s stock worth $341,000 after acquiring an additional 454 shares in the last quarter. Victory Capital Management Inc. grew its stake in shares of Innovative Industrial Properties by 23.4% in the 3rd quarter. Victory Capital Management Inc. now owns 36,784 shares of the company’s stock worth $4,951,000 after acquiring an additional 6,977 shares in the last quarter. KBC Group NV grew its stake in shares of Innovative Industrial Properties by 28.2% in the 3rd quarter. KBC Group NV now owns 940 shares of the company’s stock worth $127,000 after acquiring an additional 207 shares in the last quarter. Finally, Metis Global Partners LLC grew its stake in shares of Innovative Industrial Properties by 29.6% in the 3rd quarter. Metis Global Partners LLC now owns 2,917 shares of the company’s stock worth $393,000 after acquiring an additional 667 shares in the last quarter. Institutional investors and hedge funds 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.