Innovative Industrial Properties (IIPR) Downgraded to “Hold” at Zacks Investment Research

Innovative Industrial Properties (NYSE:IIPR) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Thursday.

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. “

Separately, Ladenburg Thalmann Financial Services restated a “buy” rating on shares of Innovative Industrial Properties in a research report on Friday, October 20th.

Innovative Industrial Properties (NYSE IIPR) traded down $0.20 during midday trading on Thursday, reaching $28.17. The company’s stock had a trading volume of 462,205 shares, compared to its average volume of 388,922. Innovative Industrial Properties has a twelve month low of $15.45 and a twelve month high of $36.88. The stock has a market capitalization of $99.33 and a P/E ratio of -9.33.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, November 8th. The company reported $0.09 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.04 by $0.05. Innovative Industrial Properties had a negative return on equity of 8.09% and a negative net margin of 108.39%. The business had revenue of $1.56 million for the quarter. research analysts expect that Innovative Industrial Properties will post 0.18 earnings per share for the current year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Innovative Industrial Properties by 21.7% during the second quarter. Vanguard Group Inc. now owns 153,013 shares of the company’s stock valued at $2,563,000 after purchasing an additional 27,258 shares in the last quarter. NBW Capital LLC grew its stake in shares of Innovative Industrial Properties by 8.3% during the second quarter. NBW Capital LLC now owns 45,160 shares of the company’s stock valued at $756,000 after buying an additional 3,479 shares during the last quarter. Finally, Acadian Asset Management LLC bought a new position in shares of Innovative Industrial Properties during the fourth quarter valued at about $261,000. Institutional investors and hedge funds own 8.60% of the company’s stock.

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About Innovative Industrial Properties

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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