Innovative Industrial Properties (IIPR) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Innovative Industrial Properties (NYSE:IIPR) from a buy rating to a hold rating in a research note released on Thursday 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 set a $23.00 price target on Innovative Industrial Properties and gave the stock a buy rating in a research note on Wednesday, November 29th.

Innovative Industrial Properties (NYSE:IIPR) traded down $0.20 during trading on Thursday, hitting $28.17. The stock had a trading volume of 462,205 shares, compared to its average volume of 388,922. Innovative Industrial Properties has a twelve month low of $15.45 and a twelve month high of $36.88. The stock has a market capitalization of $99.33 and a PE ratio of -9.33.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, November 8th. The company reported $0.09 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.05. Innovative Industrial Properties had a negative return on equity of 8.09% and a negative net margin of 108.39%. The business had revenue of $1.56 million during the quarter. equities analysts anticipate that Innovative Industrial Properties will post 0.18 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were given a $0.25 dividend. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Thursday, December 28th. This represents a $1.00 annualized dividend and a yield of 3.55%. Innovative Industrial Properties’s dividend payout ratio is presently -33.11%.

Large investors have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Innovative Industrial Properties by 21.7% in the second quarter. Vanguard Group Inc. now owns 153,013 shares of the company’s stock worth $2,563,000 after acquiring an additional 27,258 shares in the last quarter. NBW Capital LLC raised its position in Innovative Industrial Properties by 8.3% in the second quarter. NBW Capital LLC now owns 45,160 shares of the company’s stock worth $756,000 after acquiring an additional 3,479 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new position in Innovative Industrial Properties in the fourth quarter worth $261,000. Hedge funds and other institutional investors own 8.60% of the company’s stock.

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Innovative Industrial Properties Company Profile

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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