Zacks Investment Research Upgrades Innovative Industrial Properties (NYSE:IIPR) to Hold

Zacks Investment Research upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a sell rating to a hold rating in a report issued on Friday, March 16th.

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. “

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Separately, Ladenburg Thalmann set a $23.00 target price on shares of Innovative Industrial Properties and gave the company a buy rating in a report on Wednesday, November 29th.

IIPR traded down $0.36 during trading on Friday, reaching $30.32. 67,117 shares of the company’s stock were exchanged, compared to its average volume of 136,174. Innovative Industrial Properties has a 1 year low of $15.72 and a 1 year high of $36.88. The firm has a market capitalization of $192.90, a PE ratio of 45.25 and a beta of -0.70.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, March 28th. The company reported $0.07 earnings per share for the quarter, missing the consensus estimate of $0.18 by ($0.11). The firm had revenue of $2.28 million for the quarter. Innovative Industrial Properties had a negative net margin of 1.12% and a negative return on equity of 0.12%. equities research analysts anticipate that Innovative Industrial Properties will post 1.38 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 16th. Investors of record on Thursday, March 29th will be issued 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 3.30%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 149.25%.

Large investors have recently modified their holdings of the business. Vanguard Group Inc. increased its stake in Innovative Industrial Properties by 21.7% during the second quarter. Vanguard Group Inc. now owns 153,013 shares of the company’s stock worth $2,563,000 after purchasing an additional 27,258 shares during the period. Virtu Financial LLC purchased a new stake in Innovative Industrial Properties during the fourth quarter worth about $255,000. Essex Investment Management Co. LLC purchased a new stake in Innovative Industrial Properties during the fourth quarter worth about $836,000. PVG Asset Management Corp purchased a new stake in Innovative Industrial Properties during the fourth quarter worth about $559,000. Finally, Snow Park Capital Partners LP purchased a new stake in Innovative Industrial Properties during the fourth quarter worth about $793,000. 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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