Innovative Industrial Properties, Inc. (NYSE:IIPR - Get Free Report)'s stock price reached a new 52-week low on Tuesday . The stock traded as low as $62.45 and last traded at $64.96, with a volume of 282518 shares trading hands. The stock had previously closed at $63.43.
A number of equities research analysts have commented on IIPR shares. Roth Capital upgraded Innovative Industrial Properties to a "strong-buy" rating in a research report on Monday, November 11th. Wolfe Research upgraded Innovative Industrial Properties to a "hold" rating in a research note on Monday, September 23rd. JMP Securities reaffirmed a "market perform" rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Alliance Global Partners lowered Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 23rd. Finally, Compass Point downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating and dropped their target price for the company from $125.00 to $78.00 in a research report on Friday, December 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $104.50.
Read Our Latest Analysis on IIPR
The stock's 50 day moving average is $95.04 and its two-hundred day moving average is $113.74. The stock has a market capitalization of $1.84 billion, a PE ratio of 11.56 and a beta of 1.39. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same quarter in the previous year, the business posted $2.29 earnings per share. Innovative Industrial Properties's revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 11.70%. Innovative Industrial Properties's dividend payout ratio is currently 135.23%.
Institutional investors have recently modified their holdings of the stock. USA Financial Formulas purchased a new position in shares of Innovative Industrial Properties during the third quarter worth about $25,000. Canton Hathaway LLC acquired a new stake in shares of Innovative Industrial Properties in the third quarter valued at approximately $55,000. Loomis Sayles & Co. L P increased its holdings in shares of Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company's stock valued at $57,000 after acquiring an additional 407 shares during the period. US Bancorp DE boosted its stake in Innovative Industrial Properties by 75.3% during the 3rd quarter. US Bancorp DE now owns 440 shares of the company's stock worth $59,000 after purchasing an additional 189 shares during the period. Finally, Federated Hermes Inc. increased its stake in Innovative Industrial Properties by 138.1% in the second quarter. Federated Hermes Inc. now owns 538 shares of the company's stock valued at $59,000 after purchasing an additional 312 shares during the period. Hedge funds and other institutional investors own 70.58% of the company's stock.
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.
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