Innovative Industrial Properties Inc (IIPR) Receives Consensus Rating of “Buy” from Analysts

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Innovative Industrial Properties Inc (NYSE:IIPR) has earned a consensus recommendation of “Buy” from the six ratings firms that are currently covering the firm, Marketbeat reports. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $49.93.

A number of research firms recently weighed in on IIPR. Zacks Investment Research lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 11th. BTIG Research began coverage on shares of Innovative Industrial Properties in a report on Monday. They set a “buy” rating and a $51.78 price target for the company. TheStreet raised shares of Innovative Industrial Properties from a “c” rating to a “b-” rating in a report on Friday, November 30th. Finally, Compass Point raised their price target on shares of Innovative Industrial Properties from $48.00 to $50.00 and gave the company a “buy” rating in a report on Monday, October 8th.

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. BlackRock Inc. boosted its stake in Innovative Industrial Properties by 1.4% during the 3rd quarter. BlackRock Inc. now owns 419,857 shares of the company’s stock valued at $20,254,000 after acquiring an additional 5,906 shares during the last quarter. Vanguard Group Inc. boosted its stake in Innovative Industrial Properties by 7.0% during the 3rd quarter. Vanguard Group Inc. now owns 300,497 shares of the company’s stock valued at $14,496,000 after acquiring an additional 19,665 shares during the last quarter. Vanguard Group Inc boosted its stake in Innovative Industrial Properties by 7.0% during the 3rd quarter. Vanguard Group Inc now owns 300,497 shares of the company’s stock valued at $14,496,000 after acquiring an additional 19,665 shares during the last quarter. Essex Investment Management Co. LLC lifted its position in shares of Innovative Industrial Properties by 169.0% in the 3rd quarter. Essex Investment Management Co. LLC now owns 140,197 shares of the company’s stock worth $6,763,000 after buying an additional 88,070 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust lifted its position in shares of Innovative Industrial Properties by 2.1% in the 3rd quarter. Emerald Mutual Fund Advisers Trust now owns 120,799 shares of the company’s stock worth $5,827,000 after buying an additional 2,489 shares during the last quarter. Hedge funds and other institutional investors own 29.76% of the company’s stock.

Innovative Industrial Properties stock opened at $51.78 on Monday. Innovative Industrial Properties has a 52-week low of $23.63 and a 52-week high of $55.63. The firm has a market capitalization of $483.05 million, a PE ratio of 77.28 and a beta of 1.10.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 7th. The company reported $0.21 earnings per share (EPS) for the quarter. Innovative Industrial Properties had a net margin of 37.34% and a return on equity of 3.89%. The company had revenue of $3.93 million during the quarter. Research analysts forecast that Innovative Industrial Properties will post 1.13 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st will be paid a dividend of $0.35 per share. The ex-dividend date is Friday, December 28th. This represents a $1.40 dividend on an annualized basis and a yield of 2.70%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 208.96%.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.

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