Shares of Innovative Industrial Properties Inc (NYSE:IIPR) have received a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy rating.

Brokers have set a 1 year consensus price objective of $34.00 for the company, according to Zacks. Zacks has also given Innovative Industrial Properties an industry rank of 228 out of 265 based on the ratings given to related companies.

Several research analysts recently commented on the stock. Zacks Investment Research downgraded shares of Innovative Industrial Properties from a “hold” rating to a “sell” rating in a research note on Saturday, January 27th. Ladenburg Thalmann Financial Services reaffirmed a “buy” rating and issued a $34.00 price target (up previously from $23.00) on shares of Innovative Industrial Properties in a research note on Wednesday, January 24th.

Innovative Industrial Properties (NYSE:IIPR) traded up $0.75 during trading on Tuesday, hitting $26.64. 12,705 shares of the stock traded hands, compared to its average volume of 342,520. The company has a market cap of $168.53, a price-to-earnings ratio of -8.72 and a beta of -4.52. Innovative Industrial Properties has a 12-month low of $15.45 and a 12-month high of $36.88.

The business also recently declared a quarterly dividend, which was paid on Tuesday, January 16th. Investors of record on Friday, December 29th were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 3.75%. The ex-dividend date of this dividend was Thursday, December 28th. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $0.15. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently -33.11%.

A number of hedge funds have recently bought and sold shares of the stock. Virtu Financial LLC purchased a new position in Innovative Industrial Properties in the 4th quarter worth about $255,000. Essex Investment Management Co. LLC purchased a new position in Innovative Industrial Properties in the 4th quarter worth about $836,000. Acadian Asset Management LLC purchased a new position in Innovative Industrial Properties in the 4th quarter worth about $261,000. Finally, Vanguard Group Inc. increased its stake in Innovative Industrial Properties by 21.7% in the 2nd quarter. Vanguard Group Inc. now owns 153,013 shares of the company’s stock worth $2,563,000 after buying an additional 27,258 shares during the period. 5.41% of the stock is currently owned by institutional investors.

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Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated medical-use cannabis facilities. The Company intends to acquire its properties through sale-leaseback transactions and third-party purchases.

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