Innovative Industrial Properties (IIPR) Upgraded at TheStreet

TheStreet upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a c rating to a b- rating in a research report released on Friday morning.

IIPR has been the subject of several other research reports. LADENBURG THALM/SH SH set a $41.00 target price on shares of Innovative Industrial Properties and gave the stock a buy rating in a report on Tuesday, August 14th. Compass Point upped their target price on shares of Innovative Industrial Properties from $48.00 to $50.00 and gave the stock a buy rating in a report on Monday, October 8th. Finally, Zacks Investment Research raised shares of Innovative Industrial Properties from a hold rating to a buy rating and set a $53.00 target price for the company in a report on Tuesday, September 25th. One research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company. The stock presently has a consensus rating of Buy and an average target price of $50.33.

Shares of IIPR stock opened at $50.75 on Friday. Innovative Industrial Properties has a 1 year low of $19.00 and a 1 year high of $55.63. The firm has a market cap of $463.15 million, a PE ratio of 75.75 and a beta of 0.92.

In related news, insider Alan D. Gold purchased 67,500 shares of the firm’s stock in a transaction on Thursday, October 4th. The shares were acquired at an average price of $40.00 per share, for a total transaction of $2,700,000.00. Following the purchase, the insider now directly owns 313,867 shares in the company, valued at $12,554,680. The purchase was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Gary A. Kreitzer purchased 2,500 shares of the firm’s stock in a transaction on Thursday, October 4th. The stock was bought at an average price of $40.00 per share, for a total transaction of $100,000.00. Following the purchase, the director now owns 32,430 shares in the company, valued at $1,297,200. The disclosure for this purchase can be found here. 6.20% of the stock is owned by insiders.

A number of hedge funds have recently made changes to their positions in IIPR. Cornerstone Wealth Management LLC purchased a new stake in Innovative Industrial Properties in the 2nd quarter worth $222,000. Rhumbline Advisers bought a new position in Innovative Industrial Properties in the 2nd quarter worth about $229,000. Bank of New York Mellon Corp bought a new position in Innovative Industrial Properties in the 2nd quarter worth about $782,000. Van Hulzen Asset Management LLC bought a new position in Innovative Industrial Properties in the 2nd quarter worth about $205,000. Finally, Schwab Charles Investment Management Inc. bought a new position in Innovative Industrial Properties in the 2nd quarter worth about $500,000. Institutional investors and hedge funds own 29.76% of the company’s stock.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.

See Also: Earnings Per Share

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