Innovative Industrial Properties (NYSE:IIPR) Lifted 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, January 20th. They currently have $32.00 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. “

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

Innovative Industrial Properties (NYSE IIPR) opened at $25.89 on Friday. The stock has a market cap of $168.53, a PE ratio of -8.57 and a beta of -4.52. Innovative Industrial Properties has a one year low of $15.45 and a one year high of $36.88.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were given a $0.25 dividend. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $1.00 dividend on an annualized basis and a yield of 3.86%. Innovative Industrial Properties’s payout ratio is -33.11%.

A number of large investors have recently modified their holdings of the business. NBW Capital LLC raised its position in Innovative Industrial Properties by 8.3% in the 2nd quarter. NBW Capital LLC now owns 45,160 shares of the company’s stock worth $756,000 after buying an additional 3,479 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at about $255,000. Acadian Asset Management LLC purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at about $261,000. Essex Investment Management Co. LLC purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at about $836,000. Finally, Vanguard Group Inc. increased its position in shares of Innovative Industrial Properties by 21.7% during the 2nd 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 last quarter. 5.41% of the stock is owned by institutional investors and hedge funds.

ILLEGAL ACTIVITY WARNING: This report was originally reported by Dispatch Tribunal and is the property of of Dispatch Tribunal. If you are viewing this report on another site, it was copied illegally and republished in violation of US and international trademark & copyright laws. The correct version of this report can be viewed at https://www.dispatchtribunal.com/2018/02/13/innovative-industrial-properties-iipr-upgraded-to-buy-at-zacks-investment-research.html.

About Innovative Industrial Properties

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.

Get a free copy of the Zacks research report on Innovative Industrial Properties (IIPR)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Innovative Industrial Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Innovative Industrial Properties and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply