Innovative Industrial Properties (IIPR) Hits New 52-Week High on Analyst Upgrade

Innovative Industrial Properties Inc (NYSE:IIPR)’s share price hit a new 52-week high on Wednesday after BTIG Research raised their price target on the stock to $101.00. BTIG Research currently has a buy rating on the stock. Innovative Industrial Properties traded as high as $90.47 and last traded at $88.45, with a volume of 530030 shares. The stock had previously closed at $89.87.

Other equities analysts also recently issued reports about the stock. Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Saturday, February 16th. TheStreet upgraded shares of Innovative Industrial Properties from a “c” rating to a “b-” rating in a research note on Friday, November 30th. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $66.75.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. boosted its stake in shares of Innovative Industrial Properties by 28.9% during the 4th quarter. BlackRock Inc. now owns 540,995 shares of the company’s stock worth $24,557,000 after buying an additional 121,138 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Innovative Industrial Properties by 7.0% during the 3rd quarter. Vanguard Group Inc. now owns 300,497 shares of the company’s stock worth $14,496,000 after buying an additional 19,665 shares during the last quarter. Vanguard Group Inc boosted its stake in shares of Innovative Industrial Properties by 7.0% during the 3rd quarter. Vanguard Group Inc now owns 300,497 shares of the company’s stock worth $14,496,000 after buying an additional 19,665 shares during the last quarter. Emerald Mutual Fund Advisers Trust boosted its stake in shares of Innovative Industrial Properties by 106.3% during the 4th quarter. Emerald Mutual Fund Advisers Trust now owns 249,220 shares of the company’s stock worth $11,312,000 after buying an additional 128,421 shares during the last quarter. Finally, Essex Investment Management Co. LLC boosted its stake in shares of Innovative Industrial Properties by 33.8% during the 4th quarter. Essex Investment Management Co. LLC now owns 187,567 shares of the company’s stock worth $8,514,000 after buying an additional 47,370 shares during the last quarter. Institutional investors own 56.78% of the company’s stock.

The firm has a market cap of $845.39 million, a PE ratio of 65.94 and a beta of 1.74.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.04%. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Thursday, March 28th. Innovative Industrial Properties’s dividend payout ratio is presently 104.48%.

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Innovative Industrial Properties Company Profile (NYSE:IIPR)

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 has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.

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