TheStreet Upgrades Innovative Industrial Properties (NYSE:IIPR) to B

TheStreet upgraded shares of Innovative Industrial Properties (NYSE:IIPR) from a c rating to a b rating in a report issued on Monday morning, TheStreetRatingsTable reports.

A number of other analysts have also recently weighed in on the stock. ValuEngine cut shares of Innovative Industrial Properties from a hold rating to a sell rating in a report on Tuesday. Zacks Investment Research raised shares of Innovative Industrial Properties from a hold rating to a strong-buy rating and set a $79.00 target price for the company in a research note on Thursday, October 31st. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Innovative Industrial Properties presently has a consensus rating of Buy and a consensus price target of $113.50.

Shares of NYSE IIPR opened at $72.54 on Monday. Innovative Industrial Properties has a 12-month low of $42.55 and a 12-month high of $139.53. The company has a market cap of $917.60 million, a price-to-earnings ratio of 54.13 and a beta of 2.00. The company has a current ratio of 295.73, a quick ratio of 295.73 and a debt-to-equity ratio of 0.31. The stock’s 50 day simple moving average is $77.24 and its 200 day simple moving average is $95.91.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, November 6th. The company reported $0.55 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.12). The company had revenue of $11.56 million during the quarter, compared to analyst estimates of $10.70 million. Innovative Industrial Properties had a return on equity of 5.45% and a net margin of 51.10%. Innovative Industrial Properties’s quarterly revenue was up 194.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.32 earnings per share. As a group, equities analysts forecast that Innovative Industrial Properties will post 2.67 earnings per share for the current fiscal year.

In related news, Chairman Alan D. Gold acquired 350 shares of the stock in a transaction that occurred on Monday, November 25th. The shares were acquired at an average price of $78.49 per share, for a total transaction of $27,471.50. Following the completion of the purchase, the chairman now directly owns 318,439 shares of the company’s stock, valued at $24,994,277.11. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 5.20% of the company’s stock.

Several institutional investors and hedge funds have recently made changes to their positions in IIPR. ETF Managers Group LLC bought a new stake in shares of Innovative Industrial Properties in the 2nd quarter worth approximately $32,784,000. TimesSquare Capital Management LLC increased its holdings in shares of Innovative Industrial Properties by 205.6% in the third quarter. TimesSquare Capital Management LLC now owns 271,985 shares of the company’s stock valued at $25,123,000 after buying an additional 182,985 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Innovative Industrial Properties by 15.9% in the second quarter. Vanguard Group Inc. now owns 1,172,681 shares of the company’s stock valued at $144,896,000 after buying an additional 160,642 shares in the last quarter. State Street Corp increased its holdings in shares of Innovative Industrial Properties by 55.1% in the third quarter. State Street Corp now owns 435,834 shares of the company’s stock valued at $40,593,000 after buying an additional 154,879 shares in the last quarter. Finally, River & Mercantile Asset Management LLP acquired a new stake in shares of Innovative Industrial Properties during the 2nd quarter valued at $17,235,000. 68.46% of the stock is currently owned by institutional investors.

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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