Shares of Innovative Industrial Properties Inc (NYSE:IIPR) have been given an average broker rating score of 1.00 (Strong Buy) from the one analysts that provide coverage for the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy rating.

Analysts have set a one year consensus price target of $34.00 for the company, according to Zacks. Zacks has also given Innovative Industrial Properties an industry rank of 232 out of 265 based on the ratings given to related companies.

A number of research firms recently issued reports on IIPR. Zacks Investment Research downgraded shares of Innovative Industrial Properties from a “hold” rating to a “sell” rating in a report on Saturday, January 27th. Ladenburg Thalmann Financial Services restated a “buy” rating and issued a $34.00 target price (up from $23.00) on shares of Innovative Industrial Properties in a report on Wednesday, January 24th.

Institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its holdings in Innovative Industrial Properties by 21.7% in 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 during the period. NBW Capital LLC grew its holdings in Innovative Industrial Properties by 8.3% in the second quarter. NBW Capital LLC now owns 45,160 shares of the company’s stock valued at $756,000 after purchasing an additional 3,479 shares during the period. Finally, Acadian Asset Management LLC purchased a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $261,000. Hedge funds and other institutional investors own 8.83% of the company’s stock.

Innovative Industrial Properties (IIPR) traded down $0.47 during trading on Monday, reaching $28.10. 14,950 shares of the company were exchanged, compared to its average volume of 409,108. Innovative Industrial Properties has a 52-week low of $15.45 and a 52-week high of $36.88. The stock has a market capitalization of $193.76 and a P/E ratio of -45.35.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, November 8th. The company reported $0.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.04 by $0.05. Innovative Industrial Properties had a negative net margin of 108.39% and a negative return on equity of 8.09%. The firm had revenue of $1.56 million during the quarter. sell-side analysts anticipate that Innovative Industrial Properties will post 0.19 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 3.56%. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, December 28th. Innovative Industrial Properties’s payout ratio is presently -158.73%.

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Innovative Industrial Properties Company Profile

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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