Several other research analysts also weighed in on the company. Piper Sandler lowered its price target on Innovative Industrial Properties from $290.00 to $285.00 in a Friday, January 14 research note. Zacks Investment Research downgraded Innovative Industrial Properties from a “hold” to a “sell” rating in a Tuesday, January 11 research note. One financial analyst has assigned the stock a sell rating, two have assigned a hold rating and four have assigned the stock a buy rating. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $266.43.
IIPR action opened at $182.48 on Friday. The company’s 50-day moving average price is $203.73 and its two-hundred-day moving average price is $234.03. The company has a current ratio of 52.60, a quick ratio of 52.60 and a debt ratio of 0.20. The company has a market capitalization of $4.68 billion, a PE ratio of 40.02 and a beta of 1.63. Innovative Industrial Properties have a 1-year low of $160.91 and a 1-year high of $288.02.
Innovative Industrial Properties (NYSE:IIPR – Get a rating) last reported results on Wednesday, February 23. The company reported earnings per share of $1.14 for the quarter, missing Thomson Reuters consensus estimate of $1.75 per ($0.61). The company posted revenue of $58.94 million for the quarter, versus a consensus estimate of $57.92 million. Innovative Industrial Properties posted a return on equity of 7.48% and a net margin of 55.73%. The company’s revenue increased 58.9% year over year. In the same quarter a year earlier, the company posted earnings per share of $1.29. On average, analysts expect Innovative Industrial Properties to post 8.61 earnings per share for the current year.
Several large investors have recently increased or reduced their holdings in IIPR. Amundi Pioneer Asset Management Inc. increased its position in Innovative Industrial Properties shares by 8,478.5% in the first quarter. Amundi Pioneer Asset Management Inc. now owns 17,157 shares of the company valued at $1,401,000 after acquiring an additional 16,957 shares in the last quarter. Geode Capital Management LLC increased its holdings in Innovative Industrial Properties by 14.4% during the second quarter. Geode Capital Management LLC now owns 13,534 shares of the company worth $2,585,000 after purchasing an additional 1,699 shares during the period. Goldman Sachs Group Inc. increased its holdings in innovative industrial properties by 45.2% during the second quarter. Goldman Sachs Group Inc. now owns 72,852 shares of the company worth $13,916,000 after purchasing an additional 22,673 shares during the period. Credit Suisse AG increased its holdings in Innovative Industrial Properties by 8.0% during the second quarter. Credit Suisse AG now owns 42,497 shares of the company worth $8,244,000 after purchasing 3,148 additional shares during the period. Finally, Amundi bought a new position in Innovative Industrial Properties during the second quarter worth approximately $4,058,000. 71.55% of the shares are currently held by institutional investors and hedge funds.
Company Profile Innovative Industrial Properties (Get a rating)
Innovative Industrial Properties, Inc. is a real estate investment trust engaged in the acquisition, ownership and management of industrial properties. It operates through the following geographic segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New York, North Dakota, Ohio and Pennsylvania.
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