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

Shares of Innovative Industrial Properties Inc (NYSE:IIPR) have been given an average rating of “Buy” by the six ratings firms that are covering the firm, MarketBeat.com reports. Two analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month target price among analysts that have issued a report on the stock in the last year is $75.50.

IIPR has been the topic of a number of research analyst reports. Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Saturday, February 16th. BTIG Research initiated coverage on shares of Innovative Industrial Properties in a research report on Monday, January 14th. They issued a “buy” rating and a $60.00 target price on the stock. LADENBURG THALM/SH SH lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Wednesday, March 20th. Finally, TheStreet upgraded shares of Innovative Industrial Properties from a “c” rating to a “b-” rating in a report on Friday, November 30th.

Shares of Innovative Industrial Properties stock opened at $81.69 on Friday. Innovative Industrial Properties has a fifty-two week low of $26.75 and a fifty-two week high of $93.24. The company has a market capitalization of $829.04 million, a price-to-earnings ratio of 60.96 and a beta of 1.74.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, March 13th. The company reported $0.24 earnings per share for the quarter. Innovative Industrial Properties had a net margin of 44.95% and a return on equity of 4.01%. The firm had revenue of $4.78 million for the quarter. Equities research analysts expect that Innovative Industrial Properties will post 2.59 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be issued a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.20%. The ex-dividend date is Thursday, March 28th. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $0.35. Innovative Industrial Properties’s payout ratio is 104.48%.

Several large investors have recently modified their holdings of IIPR. Emerald Mutual Fund Advisers Trust lifted its holdings in shares of Innovative Industrial Properties by 106.3% during the fourth quarter. Emerald Mutual Fund Advisers Trust now owns 249,220 shares of the company’s stock worth $11,312,000 after purchasing an additional 128,421 shares during the period. BlackRock Inc. lifted its holdings in shares of Innovative Industrial Properties by 28.9% during the fourth quarter. BlackRock Inc. now owns 540,995 shares of the company’s stock worth $24,557,000 after purchasing an additional 121,138 shares during the period. Cannell Capital LLC acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth $5,149,000. Thomson Horstmann & Bryant Inc. acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth $2,705,000. Finally, Uniplan Investment Counsel Inc. acquired a new position in shares of Innovative Industrial Properties during the third quarter worth $2,673,000. Institutional investors own 54.35% 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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