Zacks Investment Research Downgrades Innovative Industrial Properties (IIPR) to Sell

Zacks Investment Research downgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a hold rating to a sell rating in a research note issued to investors on Tuesday.

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. “

IIPR has been the topic of several other reports. Compass Point lifted their price target on Innovative Industrial Properties from $48.00 to $50.00 and gave the company a buy rating in a research report on Monday, October 8th. TheStreet upgraded Innovative Industrial Properties from a c rating to a b- rating in a research report on Friday, November 30th. Finally, LADENBURG THALM/SH SH reiterated a buy rating and set a $48.00 price target on shares of Innovative Industrial Properties in a research report on Monday, September 10th. One equities research analyst has rated the stock with a sell rating and three have assigned a buy rating to the company’s stock. Innovative Industrial Properties currently has a consensus rating of Buy and an average target price of $50.33.

Shares of IIPR stock opened at $51.78 on Tuesday. Innovative Industrial Properties has a 1 year low of $23.63 and a 1 year high of $55.63. The firm has a market cap of $483.05 million, a PE ratio of 77.28 and a beta of 1.10.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, November 7th. The company reported $0.21 earnings per share (EPS) for the quarter. Innovative Industrial Properties had a return on equity of 3.89% and a net margin of 37.34%. The company had revenue of $3.93 million for the quarter. Sell-side analysts predict that Innovative Industrial Properties will post 1.13 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 15th. Stockholders of record on Monday, December 31st will be paid a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 2.70%. The ex-dividend date of this dividend is Friday, December 28th. Innovative Industrial Properties’s dividend payout ratio is presently 208.96%.

Several institutional investors and hedge funds have recently added to or reduced their stakes in IIPR. Flagship Harbor Advisors LLC bought a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth $105,000. NEXT Financial Group Inc acquired a new stake in shares of Innovative Industrial Properties in the third quarter worth $147,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Innovative Industrial Properties in the third quarter worth $226,000. Rhumbline Advisers acquired a new stake in shares of Innovative Industrial Properties in the second quarter worth $229,000. Finally, Bank of Montreal Can boosted its position in shares of Innovative Industrial Properties by 10,447.8% in the third quarter. Bank of Montreal Can now owns 4,852 shares of the company’s stock worth $234,000 after buying an additional 4,806 shares during the period. 29.76% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Company Profile

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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