Innovative Industrial Properties (NYSE:IIPR) Shares Up 4.5%

Innovative Industrial Properties, Inc. (NYSE:IIPR) shot up 4.5% during mid-day trading on Tuesday . The stock traded as high as $103.23 and last traded at $103.20. 369,106 shares were traded during mid-day trading, an increase of 69% from the average session volume of 217,976 shares. The stock had previously closed at $98.71.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Piper Sandler increased their target price on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. TheStreet upgraded Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research report on Wednesday, January 10th. Four research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $92.67.

Innovative Industrial Properties Stock Performance

The company has a quick ratio of 14.22, a current ratio of 14.22 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $2.92 billion, a price-to-earnings ratio of 17.92 and a beta of 1.49. The stock’s 50-day simple moving average is $97.89 and its 200 day simple moving average is $91.19.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Monday, February 26th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $2.07 by ($0.62). The business had revenue of $79.16 million for the quarter, compared to the consensus estimate of $76.55 million. Innovative Industrial Properties had a return on equity of 8.54% and a net margin of 53.50%. Analysts expect that Innovative Industrial Properties, Inc. will post 8.49 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $7.28 dividend on an annualized basis and a dividend yield of 7.03%. Innovative Industrial Properties’s payout ratio is 126.17%.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of IIPR. HB Wealth Management LLC acquired a new stake in shares of Innovative Industrial Properties during the first quarter worth $492,000. MONECO Advisors LLC increased its holdings in Innovative Industrial Properties by 1.0% during the 1st quarter. MONECO Advisors LLC now owns 32,143 shares of the company’s stock worth $3,328,000 after purchasing an additional 331 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its stake in shares of Innovative Industrial Properties by 2.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 17,507 shares of the company’s stock valued at $1,813,000 after purchasing an additional 438 shares during the period. Newbridge Financial Services Group Inc. lifted its holdings in shares of Innovative Industrial Properties by 132.4% in the first quarter. Newbridge Financial Services Group Inc. now owns 1,680 shares of the company’s stock valued at $174,000 after purchasing an additional 957 shares in the last quarter. Finally, Lee Financial Group Hawaii Inc. boosted its position in shares of Innovative Industrial Properties by 4.5% during the first quarter. Lee Financial Group Hawaii Inc. now owns 8,389 shares of the company’s stock worth $869,000 after buying an additional 364 shares during the period. 70.58% of the stock is currently owned by institutional investors.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.