Innovative Industrial Properties (NYSE:IIPR) Lowered to “Hold” Rating by Alliance Global Partners

Alliance Global Partners lowered shares of Innovative Industrial Properties (NYSE:IIPR) from a strong-buy rating to a hold rating in a report issued on Monday morning,Zacks.com reports.

Other analysts also recently issued research reports about the company. Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their price target for the company from $125.00 to $78.00 in a research report on Friday. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday. Finally, Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $104.50.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $70.43 on Monday. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The company has a market cap of $2.00 billion, a PE ratio of 12.53 and a beta of 1.31. Innovative Industrial Properties has a 52 week low of $68.80 and a 52 week high of $138.35. The firm’s 50-day simple moving average is $113.17 and its two-hundred day simple moving average is $117.72.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same quarter in the previous year, the firm posted $2.29 earnings per share. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. Research analysts predict that Innovative Industrial Properties will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.79%. The ex-dividend date of this dividend is Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is 135.23%.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of hedge funds have recently added to or reduced their stakes in the company. USA Financial Formulas bought a new stake in shares of Innovative Industrial Properties in the 3rd quarter worth $25,000. Canton Hathaway LLC purchased a new stake in Innovative Industrial Properties in the third quarter worth approximately $55,000. Loomis Sayles & Co. L P boosted its stake in shares of Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after buying an additional 407 shares during the last quarter. US Bancorp DE increased its position in shares of Innovative Industrial Properties by 75.3% during the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after purchasing an additional 189 shares during the last quarter. Finally, Signaturefd LLC grew its position in Innovative Industrial Properties by 42.3% during the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after buying an additional 150 shares during the period. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

About Innovative Industrial Properties

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.