Innovative Industrial Properties (NYSE:IIPR) Upgraded to Strong-Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a hold rating to a strong-buy rating in a research note released on Thursday morning, Zacks.com reports. The firm currently has $107.00 price objective on the stock.

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. “

IIPR has been the topic of several other research reports. ValuEngine downgraded shares of Innovative Industrial Properties from a hold rating to a sell rating in a research note on Tuesday, December 3rd. TheStreet raised shares of Innovative Industrial Properties from a c rating to a b rating in a research note on Monday, December 2nd. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $127.50.

Shares of IIPR stock traded up $4.52 during trading hours on Thursday, hitting $98.96. The company’s stock had a trading volume of 377,803 shares, compared to its average volume of 542,374. The business has a fifty day moving average of $83.76 and a 200-day moving average of $85.87. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 69.20 and a beta of 1.91. Innovative Industrial Properties has a twelve month low of $62.61 and a twelve month high of $139.53. The company has a current ratio of 295.73, a quick ratio of 295.73 and a debt-to-equity ratio of 0.31.

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $1.00 per share. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $0.78. The ex-dividend date of this dividend was Monday, December 30th. This represents a $4.00 annualized dividend and a dividend yield of 4.04%. Innovative Industrial Properties’s dividend payout ratio is presently 298.51%.

In other news, Chairman Alan D. Gold acquired 1,625 shares of Innovative Industrial Properties stock in a transaction that occurred on Thursday, December 12th. The shares were acquired at an average price of $73.07 per share, with a total value of $118,738.75. Following the completion of the purchase, the chairman now owns 323,894 shares of the company’s stock, valued at approximately $23,666,934.58. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Chairman Alan D. Gold acquired 2,500 shares of Innovative Industrial Properties stock in a transaction that occurred on Tuesday, December 10th. The shares were purchased at an average cost of $74.10 per share, for a total transaction of $185,250.00. Following the purchase, the chairman now directly owns 322,269 shares of the company’s stock, valued at approximately $23,880,132.90. The disclosure for this purchase can be found here. Insiders have purchased 4,845 shares of company stock worth $358,918 in the last three months. Insiders own 5.20% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in IIPR. Winslow Evans & Crocker Inc. raised its stake in Innovative Industrial Properties by 115.4% during the third quarter. Winslow Evans & Crocker Inc. now owns 280 shares of the company’s stock worth $26,000 after purchasing an additional 150 shares during the period. PNC Financial Services Group Inc. raised its stake in Innovative Industrial Properties by 63.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 419 shares of the company’s stock worth $32,000 after purchasing an additional 163 shares during the period. TRUE Private Wealth Advisors purchased a new position in Innovative Industrial Properties during the fourth quarter worth approximately $33,000. Emerald Advisers LLC purchased a new position in Innovative Industrial Properties during the fourth quarter worth approximately $35,000. Finally, Level Four Advisory Services LLC purchased a new position in Innovative Industrial Properties during the fourth quarter worth approximately $498,000. 66.05% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Company Profile

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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