Brokerages Set Innovative Industrial Properties, Inc. (NYSE:IIPR) Price Target at $68.20

by · The Markets Daily

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Free Report) have received a consensus rating of “Reduce” from the six research firms that are presently covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the company. The average 1-year target price among analysts that have updated their coverage on the stock in the last year is $68.20.

A number of equities analysts have recently commented on IIPR shares. Weiss Ratings reissued a “hold (c-)” rating on shares of Innovative Industrial Properties in a research note on Monday. Piper Sandler increased their price target on Innovative Industrial Properties from $43.00 to $44.00 and gave the company an “underweight” rating in a report on Wednesday, November 5th.

Get Our Latest Research Report on IIPR

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $49.47 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.75 and a quick ratio of 2.75. Innovative Industrial Properties has a 1-year low of $44.58 and a 1-year high of $75.71. The firm has a market capitalization of $1.39 billion, a P/E ratio of 11.72 and a beta of 1.50. The business’s 50-day simple moving average is $51.45 and its 200-day simple moving average is $53.70.

Innovative Industrial Properties (NYSE:IIPR – Get Free Report) last posted its earnings results on Monday, November 3rd. The company reported $1.71 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.73 by ($0.02). The business had revenue of $64.69 million for the quarter, compared to analyst estimates of $63.72 million. Innovative Industrial Properties had a return on equity of 6.77% and a net margin of 45.80%.The firm’s revenue for the quarter was down 15.4% compared to the same quarter last year. During the same period last year, the company posted $2.25 EPS. Equities analysts predict that Innovative Industrial Properties will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Investors of record on Wednesday, December 31st will be issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 15.4%. The ex-dividend date is Wednesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 180.09%.

Insider Buying and Selling

In related news, Chairman Alan D. Gold purchased 2,600 shares of the firm’s stock in a transaction on Monday, November 24th. The stock was purchased at an average price of $49.09 per share, for a total transaction of $127,634.00. Following the acquisition, the chairman directly owned 2,600 shares in the company, valued at $127,634. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO David Jon Smith acquired 600 shares of the company’s stock in a transaction dated Thursday, November 20th. The shares were purchased at an average price of $45.90 per share, for a total transaction of $27,540.00. Following the purchase, the chief financial officer directly owned 600 shares of the company’s stock, valued at approximately $27,540. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last 90 days, insiders acquired 4,200 shares of company stock valued at $201,434. 2.00% of the stock is owned by company insiders.

Institutional Investors Weigh In On Innovative Industrial Properties

Several hedge funds and other institutional investors have recently added to or reduced their stakes in IIPR. Flaharty Asset Management LLC purchased a new position in Innovative Industrial Properties in the 1st quarter valued at about $27,000. West Oak Capital LLC acquired a new position in shares of Innovative Industrial Properties in the third quarter worth about $27,000. AdvisorNet Financial Inc boosted its holdings in Innovative Industrial Properties by 50.3% in the second quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock valued at $31,000 after purchasing an additional 187 shares during the last quarter. FNY Investment Advisers LLC acquired a new stake in Innovative Industrial Properties during the 3rd quarter valued at approximately $32,000. Finally, Advisory Services Network LLC purchased a new stake in Innovative Industrial Properties during the 3rd quarter worth approximately $34,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Company Profile

(Get Free Report)

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.

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