Innovative Industrial Properties (NYSE:IIPR) Raised to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a hold rating to a buy rating in a research note released on Saturday, Zacks.com reports. Zacks Investment Research currently has $142.00 price target on the stock.

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. “

Other equities research analysts also recently issued research reports about the company. Roth Capital raised their target price on Innovative Industrial Properties from $125.00 to $150.00 and gave the company a buy rating in a report on Friday, September 18th. BTIG Research raised their price objective on shares of Innovative Industrial Properties from $151.00 to $171.00 in a research note on Thursday, September 17th. Piper Sandler assumed coverage on shares of Innovative Industrial Properties in a report on Tuesday, September 8th. They set an overweight rating and a $150.00 price objective on the stock. Finally, JMP Securities increased their target price on shares of Innovative Industrial Properties from $120.00 to $140.00 in a report on Monday, August 17th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus target price of $131.50.

IIPR stock opened at $121.71 on Friday. The company has a debt-to-equity ratio of 0.14, a current ratio of 115.43 and a quick ratio of 115.43. The firm has a market capitalization of $2.64 billion, a P/E ratio of 43.78 and a beta of 1.36. The business’s 50-day moving average is $125.73 and its two-hundred day moving average is $101.42. Innovative Industrial Properties has a 1 year low of $40.21 and a 1 year high of $136.63.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, August 5th. The company reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.49). Innovative Industrial Properties had a net margin of 55.69% and a return on equity of 6.01%. The company had revenue of $24.35 million during the quarter, compared to analyst estimates of $25.40 million. On average, analysts expect that Innovative Industrial Properties will post 4.66 EPS for the current year.

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a dividend of $1.17 per share. The ex-dividend date was Tuesday, September 29th. This represents a $4.68 dividend on an annualized basis and a yield of 3.85%. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.06. Innovative Industrial Properties’s payout ratio is presently 143.12%.

In other Innovative Industrial Properties news, Chairman Alan D. Gold sold 1,000 shares of the firm’s stock in a transaction on Monday, August 31st. The stock was sold at an average price of $30.67, for a total transaction of $30,670.00. Following the completion of the transaction, the chairman now owns 308,586 shares of the company’s stock, valued at $9,464,332.62. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Chairman Alan D. Gold sold 15,000 shares of the business’s stock in a transaction on Wednesday, September 2nd. The stock was sold at an average price of $125.53, for a total value of $1,882,950.00. Following the completion of the transaction, the chairman now directly owns 288,586 shares of the company’s stock, valued at $36,226,200.58. The disclosure for this sale can be found here. Insiders sold 23,396 shares of company stock worth $2,837,355 in the last ninety days. Insiders own 2.90% of the company’s stock.

Large investors have recently added to or reduced their stakes in the business. Guggenheim Capital LLC raised its position in shares of Innovative Industrial Properties by 997.3% in the first quarter. Guggenheim Capital LLC now owns 68,033 shares of the company’s stock valued at $5,166,000 after buying an additional 61,833 shares during the last quarter. Parametric Portfolio Associates LLC raised its holdings in Innovative Industrial Properties by 8.4% in the 1st quarter. Parametric Portfolio Associates LLC now owns 26,936 shares of the company’s stock valued at $2,045,000 after acquiring an additional 2,083 shares during the last quarter. Advisor Group Holdings Inc. purchased a new position in shares of Innovative Industrial Properties during the 1st quarter worth $3,059,000. Flagship Harbor Advisors LLC lifted its stake in shares of Innovative Industrial Properties by 3.8% during the 3rd quarter. Flagship Harbor Advisors LLC now owns 4,815 shares of the company’s stock worth $597,000 after purchasing an additional 176 shares during the period. Finally, Alliancebernstein L.P. boosted its holdings in shares of Innovative Industrial Properties by 40.2% during the first quarter. Alliancebernstein L.P. now owns 24,835 shares of the company’s stock worth $1,886,000 after purchasing an additional 7,115 shares during the last quarter. Institutional investors own 74.72% of the company’s stock.

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 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.

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