Innovative Industrial Properties (NYSE:IIPR) Upgraded by Roth Capital to Strong-Buy Rating

Roth Capital upgraded shares of Innovative Industrial Properties (NYSE:IIPR) to a strong-buy rating in a research report released on Monday morning,Zacks.com reports. Roth Capital also issued estimates for Innovative Industrial Properties’ Q4 2024 earnings at $2.07 EPS, FY2024 earnings at $8.36 EPS, Q1 2025 earnings at $2.10 EPS, Q2 2025 earnings at $2.15 EPS, Q3 2025 earnings at $2.16 EPS, Q4 2025 earnings at $2.16 EPS and FY2025 earnings at $8.57 EPS.

Several other research analysts have also weighed in on the stock. Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a research note on Friday, November 8th. Roth Mkm lifted their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Finally, Piper Sandler dropped their target price on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Moderate Buy” and a consensus price target of $127.67.

Innovative Industrial Properties Trading Down 0.9 %

IIPR opened at $103.06 on Monday. The stock has a market capitalization of $2.92 billion, a PE ratio of 18.34 and a beta of 1.37. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties has a 1-year low of $77.29 and a 1-year high of $138.35. The firm has a 50-day moving average price of $128.67 and a two-hundred day moving average price of $118.63.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The business had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the business posted $2.29 EPS. As a group, equities analysts anticipate that Innovative Industrial Properties will post 8.4 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 7.37%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 135.23%.

Institutional Trading of Innovative Industrial Properties

A number of hedge funds and other institutional investors have recently made changes to their positions in IIPR. Tidal Investments LLC raised its holdings in shares of Innovative Industrial Properties by 1,465.1% in the first quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock valued at $24,532,000 after purchasing an additional 221,791 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after purchasing an additional 45,779 shares during the last quarter. Jupiter Asset Management Ltd. raised its holdings in shares of Innovative Industrial Properties by 279.1% in the second quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock valued at $5,171,000 after purchasing an additional 34,854 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Innovative Industrial Properties by 253.7% in the first quarter. Russell Investments Group Ltd. now owns 44,038 shares of the company’s stock valued at $4,560,000 after purchasing an additional 31,587 shares during the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Innovative Industrial Properties by 0.6% in the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock valued at $456,705,000 after purchasing an additional 28,111 shares during the last quarter. 70.58% 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 properties leased to experienced, state-licensed operators for their regulated 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.