Zacks Investment Research upgraded shares of Innovative Industrial (NYSE:IIPR) from a hold rating to a strong-buy rating in a research report released on Wednesday morning. Zacks Investment Research currently has $38.00 price objective 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 reaffirmed a buy rating and issued a $34.00 price objective (up previously from $23.00) on shares of Innovative Industrial in a report on Wednesday, January 24th.
IIPR stock opened at $33.02 on Wednesday. Innovative Industrial has a fifty-two week low of $15.72 and a fifty-two week high of $36.88. The stock has a market capitalization of $212.81, a P/E ratio of 49.92 and a beta of -0.70.
Innovative Industrial (NYSE:IIPR) last released its quarterly earnings data on Wednesday, March 28th. The company reported $0.07 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.18 by ($0.11). Innovative Industrial had a negative return on equity of 0.12% and a negative net margin of 1.12%. The firm had revenue of $2.28 million during the quarter. analysts expect that Innovative Industrial will post 1.38 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, April 16th. Investors of record on Thursday, March 29th were issued a $0.25 dividend. The ex-dividend date was Wednesday, March 28th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 3.03%. Innovative Industrial’s dividend payout ratio (DPR) is presently 149.25%.
Hedge funds have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC acquired a new position in Innovative Industrial during the 4th quarter valued at about $261,000. Essex Investment Management Co. LLC acquired a new position in Innovative Industrial during the 4th quarter valued at about $836,000. Virtu Financial LLC acquired a new position in Innovative Industrial during the 4th quarter valued at about $255,000. Renaissance Technologies LLC increased its stake in Innovative Industrial by 48.9% during the 4th quarter. Renaissance Technologies LLC now owns 19,500 shares of the company’s stock valued at $630,000 after buying an additional 6,400 shares during the period. Finally, Two Sigma Investments LP acquired a new position in Innovative Industrial during the 4th quarter valued at about $792,000. 10.44% of the stock is currently owned by institutional investors and hedge funds.
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About Innovative Industrial
Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc intends to elect to be taxed as a real estate investment trust.
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