Innovative Industrial Properties (IIPR) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Innovative Industrial Properties (NYSE:IIPR) from a hold rating to a sell rating in a research report released on Wednesday.

According to Zacks, “Innovative Industrial Properties, Inc. is a real estate investment trust. It focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for medical-use cannabis facilities. Innovative Industrial Properties, Inc. is based in San Diego, United States. “

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Separately, Ladenburg Thalmann Financial Services restated a buy rating and set a $34.00 price objective (up from $23.00) on shares of Innovative Industrial Properties in a report on Wednesday, January 24th.

NYSE:IIPR opened at $26.75 on Wednesday. The firm has a market cap of $170.18, a price-to-earnings ratio of 39.93 and a beta of -0.63. Innovative Industrial Properties has a 52 week low of $15.72 and a 52 week high of $36.88.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, March 28th. The company reported $0.07 EPS for the quarter, missing the consensus estimate of $0.18 by ($0.11). The firm had revenue of $2.28 million for the quarter. Innovative Industrial Properties had a negative return on equity of 0.12% and a negative net margin of 1.12%. equities analysts predict that Innovative Industrial Properties will post 1.32 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 29th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $1.00 annualized dividend and a yield of 3.74%. Innovative Industrial Properties’s payout ratio is currently 149.25%.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in IIPR. Macquarie Group Ltd. purchased a new position in shares of Innovative Industrial Properties in the 4th quarter valued at $174,000. Virtu Financial LLC purchased a new position in shares of Innovative Industrial Properties in the 4th quarter valued at $255,000. Acadian Asset Management LLC purchased a new position in shares of Innovative Industrial Properties in the 4th quarter valued at $261,000. Symmetry Peak Management LLC purchased a new position in shares of Innovative Industrial Properties in the 4th quarter valued at $565,000. Finally, Renaissance Technologies LLC increased its holdings in shares of Innovative Industrial Properties by 48.9% in the 4th quarter. Renaissance Technologies LLC now owns 19,500 shares of the company’s stock valued at $630,000 after acquiring an additional 6,400 shares during the period. Institutional investors own 10.44% of the company’s stock.

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Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated medical-use cannabis facilities. The Company intends to acquire its properties through sale-leaseback transactions and third-party purchases.

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