Innovative Industrial Properties (IIPR) Upgraded 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 report released on Saturday morning. The firm currently has $32.00 target price 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. “

Separately, Ladenburg Thalmann Financial Services reiterated a buy rating on shares of Innovative Industrial Properties in a research note on Friday, October 20th.

Innovative Industrial Properties (NYSE IIPR) traded down $0.20 during trading hours on Friday, hitting $28.17. 462,205 shares of the stock were exchanged, compared to its average volume of 388,922. The firm has a market capitalization of $98.63 and a price-to-earnings ratio of 704.25. Innovative Industrial Properties has a 1 year low of $15.45 and a 1 year high of $36.88.

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

The company also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 3.55%. The ex-dividend date of this dividend was Thursday, December 28th. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $0.15. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently -33.11%.

A number of hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC acquired a new stake in Innovative Industrial Properties during the fourth quarter valued at $261,000. NBW Capital LLC grew its position in 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 period. Finally, Vanguard Group Inc. grew 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 buying an additional 27,258 shares during the period. Institutional investors own 8.60% of the company’s stock.

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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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