Zacks Investment Research upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a sell rating to a hold rating in a research note issued to investors on Friday morning.
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 and issued a $34.00 target price (up from $23.00) on shares of Innovative Industrial Properties in a research report on Wednesday, January 24th.
Innovative Industrial Properties (NYSE:IIPR) traded up $1.00 during trading on Friday, reaching $28.04. The company’s stock had a trading volume of 182,482 shares, compared to its average volume of 102,115. The company has a market capitalization of $172.03, a P/E ratio of -9.28 and a beta of -0.63. Innovative Industrial Properties has a 1 year low of $15.72 and a 1 year high of $36.88.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 16th. Shareholders of record on Thursday, March 29th will be given a $0.25 dividend. The ex-dividend date of this dividend is Wednesday, March 28th. This represents a $1.00 annualized dividend and a yield of 3.57%. Innovative Industrial Properties’s dividend payout ratio is presently -33.11%.
A number of institutional investors have recently bought and sold shares of IIPR. Macquarie Group Ltd. bought a new position in Innovative Industrial Properties in the fourth quarter valued at about $174,000. Virtu Financial LLC bought a new position in shares of Innovative Industrial Properties during the fourth quarter worth about $255,000. Acadian Asset Management LLC bought a new position in shares of Innovative Industrial Properties during the fourth quarter worth about $261,000. PVG Asset Management Corp bought a new position in shares of Innovative Industrial Properties during the fourth quarter worth about $559,000. Finally, Symmetry Peak Management LLC bought a new position in shares of Innovative Industrial Properties during the fourth quarter worth about $565,000. Hedge funds and other institutional investors own 10.44% of the company’s stock.
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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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