Zacks Investment Research Lowers Innovative Industrial Properties Inc (IIPR) to Strong Sell

Zacks Investment Research downgraded shares of Innovative Industrial Properties Inc (NASDAQ:IIPR) from a hold rating to a strong sell rating in a research report released on Tuesday.

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 report on Friday, October 20th.

Shares of Innovative Industrial Properties (NASDAQ:IIPR) traded down 0.05% during mid-day trading on Tuesday, reaching $19.39. 31,664 shares of the company traded hands. The company’s 50 day moving average is $18.32 and its 200 day moving average is $17.59. Innovative Industrial Properties has a 52-week low of $15.45 and a 52-week high of $20.52. The stock’s market capitalization is $67.88 million.

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The company also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were issued a $0.15 dividend. The ex-dividend date was Thursday, September 28th. This represents a $0.60 dividend on an annualized basis and a dividend yield of 3.09%.

An institutional investor recently raised its position in Innovative Industrial Properties stock. NBW Capital LLC lifted its stake in shares of Innovative Industrial Properties Inc (NASDAQ:IIPR) by 8.3% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 45,160 shares of the company’s stock after buying an additional 3,479 shares during the quarter. NBW Capital LLC owned 1.29% of Innovative Industrial Properties worth $756,000 as of its most recent filing with the SEC.

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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