Innovative Industrial Properties Inc (NYSE:IIPR) Given Consensus Rating of “Buy” by Brokerages

Innovative Industrial Properties Inc (NYSE:IIPR) has been assigned an average recommendation of “Buy” from the six analysts that are covering the company, Marketbeat Ratings reports. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $112.33.

A number of research firms have commented on IIPR. Zacks Investment Research raised shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $139.00 target price for the company in a report on Wednesday, June 26th. BTIG Research upped their target price on shares of Innovative Industrial Properties to $148.00 and gave the company a “buy” rating in a report on Thursday, June 20th. Finally, ValuEngine cut shares of Innovative Industrial Properties from a “buy” rating to a “hold” rating in a report on Thursday.

In related news, VP Brian J. Wolfe sold 3,181 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $89.01, for a total value of $283,140.81. Following the transaction, the vice president now owns 14,955 shares in the company, valued at approximately $1,331,144.55. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Paul E. Smithers sold 2,000 shares of the company’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $90.50, for a total transaction of $181,000.00. Following the completion of the transaction, the chief executive officer now owns 45,565 shares in the company, valued at approximately $4,123,632.50. The disclosure for this sale can be found here. 5.20% of the stock is currently owned by corporate insiders.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Virtu Financial LLC acquired a new position in Innovative Industrial Properties in the 1st quarter valued at about $347,000. Stratos Wealth Partners LTD. acquired a new position in shares of Innovative Industrial Properties during the 1st quarter worth approximately $205,000. PagnatoKarp Partners LLC acquired a new position in shares of Innovative Industrial Properties during the 1st quarter worth approximately $296,000. American International Group Inc. grew its position in shares of Innovative Industrial Properties by 43.0% during the 4th quarter. American International Group Inc. now owns 6,092 shares of the company’s stock worth $277,000 after purchasing an additional 1,833 shares in the last quarter. Finally, Bell Rock Capital LLC grew its position in shares of Innovative Industrial Properties by 37.8% during the 1st quarter. Bell Rock Capital LLC now owns 24,649 shares of the company’s stock worth $2,011,000 after purchasing an additional 6,764 shares in the last quarter. Institutional investors and hedge funds own 61.37% of the company’s stock.

NYSE IIPR traded down $3.83 on Thursday, reaching $101.84. 456,000 shares of the stock were exchanged, compared to its average volume of 460,978. Innovative Industrial Properties has a one year low of $32.83 and a one year high of $139.53. The firm has a market cap of $996.99 million, a price-to-earnings ratio of 76.00 and a beta of 2.02. The firm’s 50-day moving average price is $120.08. The company has a debt-to-equity ratio of 0.52, a current ratio of 209.93 and a quick ratio of 209.93.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, May 8th. The company reported $0.34 EPS for the quarter. Innovative Industrial Properties had a net margin of 51.37% and a return on equity of 4.97%. The company had revenue of $6.82 million for the quarter. As a group, research analysts predict that Innovative Industrial Properties will post 2.53 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, June 28th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.36%. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, June 27th. Innovative Industrial Properties’s dividend payout ratio is presently 179.10%.

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.

Further Reading: Quick Ratio

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