Innovative Industrial Properties (IIPR) Coverage Initiated at BTIG Research

Investment analysts at BTIG Research started coverage on shares of Innovative Industrial Properties (NYSE:IIPR) in a research report issued on Monday, Marketbeat reports. The brokerage set a “buy” rating and a $60.00 price target on the stock. BTIG Research’s target price suggests a potential upside of 8.93% from the stock’s previous close.

A number of other research firms have also recently commented on IIPR. TheStreet upgraded Innovative Industrial Properties from a “c” rating to a “b-” rating in a research report on Friday, November 30th. Zacks Investment Research upgraded Innovative Industrial Properties from a “sell” rating to a “hold” rating in a research report on Wednesday, December 12th. Finally, Compass Point boosted their price objective 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. One research analyst has rated the stock with a sell rating and four have issued a buy rating to the company. Innovative Industrial Properties has an average rating of “Buy” and an average target price of $50.70.

Shares of Innovative Industrial Properties stock traded up $3.30 on Monday, reaching $55.08. The company’s stock had a trading volume of 3,989 shares, compared to its average volume of 159,704. The stock has a market capitalization of $483.05 million, a PE ratio of 82.16 and a beta of 1.10. Innovative Industrial Properties has a 52-week low of $23.63 and a 52-week high of $55.63.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, November 7th. The company reported $0.21 EPS for the quarter. The business had revenue of $3.93 million during the quarter. Innovative Industrial Properties had a return on equity of 3.89% and a net margin of 37.34%. Equities analysts forecast that Innovative Industrial Properties will post 1.13 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its position in shares of Innovative Industrial Properties by 5.4% during the third quarter. Bank of New York Mellon Corp now owns 22,508 shares of the company’s stock worth $1,086,000 after purchasing an additional 1,146 shares in the last quarter. AQR Capital Management LLC increased its position in shares of Innovative Industrial Properties by 7.2% during the third quarter. AQR Capital Management LLC now owns 27,081 shares of the company’s stock worth $1,306,000 after purchasing an additional 1,827 shares in the last quarter. Wells Fargo & Company MN increased its position in shares of Innovative Industrial Properties by 35.7% during the third quarter. Wells Fargo & Company MN now owns 9,443 shares of the company’s stock worth $456,000 after purchasing an additional 2,485 shares in the last quarter. Emerald Mutual Fund Advisers Trust increased its position in shares of Innovative Industrial Properties by 2.1% during the third quarter. Emerald Mutual Fund Advisers Trust now owns 120,799 shares of the company’s stock worth $5,827,000 after purchasing an additional 2,489 shares in the last quarter. Finally, Flagship Harbor Advisors LLC purchased a new stake in shares of Innovative Industrial Properties during the second quarter worth approximately $105,000. Hedge funds and other institutional investors own 29.76% of the company’s stock.

About Innovative Industrial Properties

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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