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.
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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.
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