Innovative Industrial Properties (NYSE:IIPR) Reaches New 12-Month Low – Here’s What Happened

Innovative Industrial Properties, Inc. (NYSE:IIPR) reached a new 52-week low during mid-day trading on Wednesday . The company traded as low as $64.75 and last traded at $65.29, with a volume of 183892 shares changing hands. The stock had previously closed at $66.40.

Analyst Ratings Changes

A number of research firms recently weighed in on IIPR. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price target for the company from $125.00 to $78.00 in a research report on Friday, December 20th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Finally, BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Stock Down 1.7 %

The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm has a 50 day moving average of $98.92 and a two-hundred day moving average of $114.68. The firm has a market capitalization of $1.85 billion, a price-to-earnings ratio of 11.62 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly 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). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same period last year, the firm posted $2.29 earnings per share. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $1.90 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 11.64%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

Hedge funds have recently modified their holdings of the business. CWA Asset Management Group LLC boosted its stake in shares of Innovative Industrial Properties by 25.7% in the 4th quarter. CWA Asset Management Group LLC now owns 6,661 shares of the company’s stock valued at $444,000 after purchasing an additional 1,363 shares during the last quarter. JPMorgan Chase & Co. boosted its position in Innovative Industrial Properties by 17.5% during the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock valued at $31,928,000 after acquiring an additional 35,269 shares during the last quarter. Franklin Resources Inc. grew its holdings in Innovative Industrial Properties by 10.3% during the 3rd quarter. Franklin Resources Inc. now owns 22,572 shares of the company’s stock worth $2,984,000 after acquiring an additional 2,105 shares during the period. Virtu Financial LLC acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at about $339,000. Finally, TCW Group Inc. acquired a new stake in Innovative Industrial Properties during the third quarter worth approximately $2,572,000. 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.