Innovative Industrial Properties (IIPR) Stock Rating Upgraded by Zacks Investment Research

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Innovative Industrial Properties (NYSE:IIPR) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Wednesday.

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. “

Several other research analysts have also weighed in on IIPR. ValuEngine raised shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating in a report on Wednesday, May 2nd. LADENBURG THALM/SH SH set a $41.00 price objective on shares of Innovative Industrial Properties and gave the stock a “buy” rating in a report on Tuesday, August 14th.

Shares of IIPR stock opened at $43.30 on Wednesday. The firm has a market cap of $279.98 million, a price-to-earnings ratio of 64.63 and a beta of -1.24. Innovative Industrial Properties has a 1-year low of $16.51 and a 1-year high of $44.05.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Friday, August 10th. The company reported $0.17 earnings per share for the quarter. The company had revenue of $3.31 million during the quarter. Innovative Industrial Properties had a net margin of 31.15% and a return on equity of 3.13%. sell-side analysts predict that Innovative Industrial Properties will post 1.21 earnings per share for the current year.

In other Innovative Industrial Properties news, VP Brian J. Wolfe sold 6,013 shares of the firm’s stock in a transaction on Wednesday, June 6th. The shares were sold at an average price of $37.34, for a total transaction of $224,525.42. Following the completion of the transaction, the vice president now directly owns 12,502 shares of the company’s stock, valued at approximately $466,824.68. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Over the last three months, insiders have acquired 400 shares of company stock valued at $14,612. 6.20% of the stock is owned by company insiders.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp acquired a new position in shares of Innovative Industrial Properties in the 2nd quarter valued at about $782,000. Flagship Harbor Advisors LLC acquired a new position in shares of Innovative Industrial Properties in the 2nd quarter valued at about $105,000. Renaissance Technologies LLC boosted its holdings in shares of Innovative Industrial Properties by 68.2% in the 2nd quarter. Renaissance Technologies LLC now owns 107,000 shares of the company’s stock valued at $3,918,000 after buying an additional 43,400 shares during the period. BlackRock Inc. boosted its holdings in shares of Innovative Industrial Properties by 3,121.4% in the 2nd quarter. BlackRock Inc. now owns 413,951 shares of the company’s stock valued at $15,158,000 after buying an additional 401,101 shares during the period. Finally, Segall Bryant & Hamill LLC acquired a new position in shares of Innovative Industrial Properties in the 2nd quarter valued at about $1,026,000. 51.11% of the stock is owned by institutional investors and hedge funds.

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 intends to elect to be taxed as a real estate investment trust.

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