Innovative Industrial Properties Inc (NYSE:IIPR) has received an average broker rating score of 1.00 (Strong Buy) from the two brokers that cover the company, Zacks Investment Research reports. Two analysts have rated the stock with a strong buy rating.
Analysts have set a 1-year consensus price target of $49.75 for the company, according to Zacks. Zacks has also given Innovative Industrial Properties an industry rank of 107 out of 256 based on the ratings given to related companies.
Several brokerages have recently commented on IIPR. Compass Point boosted their target price on shares of Innovative Industrial Properties from $48.00 to $50.00 and gave the company a “buy” rating in a research note on Monday, October 8th. TheStreet upgraded shares of Innovative Industrial Properties from a “c” rating to a “b-” rating in a research note on Friday, November 30th. Zacks Investment Research downgraded shares of Innovative Industrial Properties from a “hold” rating to a “sell” rating in a research note on Wednesday, November 14th. Finally, BTIG Research began coverage on shares of Innovative Industrial Properties in a research note on Monday. They issued a “buy” rating on the stock.
NYSE:IIPR opened at $51.78 on Friday. Innovative Industrial Properties has a 12 month low of $23.63 and a 12 month high of $55.63. The company 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 announced its earnings results 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 business had revenue of $3.93 million for the quarter. On average, sell-side analysts forecast that Innovative Industrial Properties will post 1.13 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be paid a $0.35 dividend. The ex-dividend date of this dividend is Friday, December 28th. This represents a $1.40 annualized dividend and a dividend yield of 2.70%. Innovative Industrial Properties’s dividend payout ratio is presently 208.96%.
A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp lifted its position in Innovative Industrial Properties by 5.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 22,508 shares of the company’s stock worth $1,086,000 after buying an additional 1,146 shares in the last quarter. AQR Capital Management LLC lifted its position in Innovative Industrial Properties by 7.2% during the 3rd quarter. AQR Capital Management LLC now owns 27,081 shares of the company’s stock worth $1,306,000 after buying an additional 1,827 shares in the last quarter. Wells Fargo & Company MN lifted its position in Innovative Industrial Properties by 35.7% during the 3rd quarter. Wells Fargo & Company MN now owns 9,443 shares of the company’s stock worth $456,000 after buying an additional 2,485 shares in the last quarter. Emerald Mutual Fund Advisers Trust lifted its position in Innovative Industrial Properties by 2.1% during 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 in the last quarter. Finally, Flagship Harbor Advisors LLC acquired a new position in Innovative Industrial Properties during the 2nd quarter worth about $105,000. Institutional investors and hedge funds own 29.76% 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 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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