Innovative Industrial Properties, Inc. (NYSE:IIPR) Given Average Rating of “Buy” by Analysts

Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) have received an average rating of “Buy” from the nine research firms that are covering the company, MarketBeat.com reports. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating and six have issued a buy rating on the company. The average 12 month price objective among analysts that have covered the stock in the last year is $245.57.

Several brokerages have recently issued reports on IIPR. Craig Hallum lifted their price target on Innovative Industrial Properties from $175.00 to $240.00 and gave the company a “hold” rating in a research note on Monday, August 9th. Wolfe Research began coverage on Innovative Industrial Properties in a report on Friday, July 2nd. They set an “outperform” rating and a $249.00 price objective on the stock. BTIG Research lifted their target price on Innovative Industrial Properties from $245.00 to $290.00 and gave the stock a “buy” rating in a report on Wednesday, September 1st. Roth Capital lifted their target price on Innovative Industrial Properties from $215.00 to $245.00 and gave the stock a “buy” rating in a report on Friday, August 6th. Finally, Zacks Investment Research downgraded Innovative Industrial Properties from a “hold” rating to a “sell” rating in a research note on Thursday, July 8th.

Shares of IIPR opened at $245.70 on Friday. The stock’s fifty day simple moving average is $228.96 and its 200-day simple moving average is $200.03. The firm has a market capitalization of $5.88 billion, a PE ratio of 61.58 and a beta of 1.45. The company has a quick ratio of 165.60, a current ratio of 165.60 and a debt-to-equity ratio of 0.29. Innovative Industrial Properties has a 12-month low of $112.25 and a 12-month high of $253.61.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, August 4th. The company reported $1.17 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.52 by ($0.35). Innovative Industrial Properties had a return on equity of 6.64% and a net margin of 58.72%. The firm had revenue of $48.87 million for the quarter, compared to the consensus estimate of $46.21 million. During the same quarter in the previous year, the business posted $1.19 earnings per share. The firm’s quarterly revenue was up 100.7% compared to the same quarter last year. Analysts anticipate that Innovative Industrial Properties will post 6.46 EPS for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Thursday, September 30th will be issued a $1.50 dividend. The ex-dividend date of this dividend is Wednesday, September 29th. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $1.40. This represents a $6.00 annualized dividend and a yield of 2.44%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 112.00%.

In related news, CAO Andy Bui sold 1,895 shares of Innovative Industrial Properties stock in a transaction on Monday, August 9th. The shares were sold at an average price of $228.00, for a total transaction of $432,060.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Paul E. Smithers sold 3,954 shares of Innovative Industrial Properties stock in a transaction on Wednesday, September 1st. The shares were sold at an average price of $249.00, for a total transaction of $984,546.00. The disclosure for this sale can be found here. Insiders have sold 10,484 shares of company stock valued at $1,944,507 over the last quarter. Company insiders own 1.80% of the company’s stock.

Several institutional investors have recently bought and sold shares of the company. Arizona State Retirement System lifted its position in shares of Innovative Industrial Properties by 0.8% in the 2nd quarter. Arizona State Retirement System now owns 6,504 shares of the company’s stock worth $1,242,000 after purchasing an additional 49 shares during the period. Vident Investment Advisory LLC lifted its position in Innovative Industrial Properties by 2.5% during the second quarter. Vident Investment Advisory LLC now owns 2,135 shares of the company’s stock valued at $408,000 after acquiring an additional 52 shares during the last quarter. Great Valley Advisor Group Inc. increased its stake in Innovative Industrial Properties by 4.1% during the 2nd quarter. Great Valley Advisor Group Inc. now owns 1,441 shares of the company’s stock valued at $265,000 after purchasing an additional 57 shares in the last quarter. Aptus Capital Advisors LLC increased its stake in Innovative Industrial Properties by 4.4% during the 2nd quarter. Aptus Capital Advisors LLC now owns 1,418 shares of the company’s stock valued at $271,000 after purchasing an additional 60 shares in the last quarter. Finally, GWM Advisors LLC increased its stake in Innovative Industrial Properties by 5.3% during the 2nd quarter. GWM Advisors LLC now owns 1,263 shares of the company’s stock valued at $241,000 after purchasing an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 74.88% of the company’s stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New York, North Dakota, Ohio, and Pennsylvania.

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Analyst Recommendations for Innovative Industrial Properties (NYSE:IIPR)

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