Innovative Industrial Properties Inc (IIPR) Receives Consensus Rating of “Buy” from Brokerages

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Innovative Industrial Properties Inc (NYSE:IIPR) has earned a consensus rating of “Buy” from the six research firms that are presently covering the company, MarketBeat.com reports. Five research analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokerages that have covered the stock in the last year is $56.50.

A number of analysts have weighed in on IIPR shares. Zacks Investment Research cut Innovative Industrial Properties from a “hold” rating to a “sell” rating in a research report on Wednesday, November 14th. BTIG Research initiated coverage on Innovative Industrial Properties in a research note on Monday, January 14th. They set a “buy” rating and a $60.00 price target on the stock. Finally, TheStreet raised Innovative Industrial Properties from a “c” rating to a “b-” rating in a research note on Friday, November 30th.

A number of institutional investors have recently bought and sold shares of IIPR. New York State Teachers Retirement System bought a new position in shares of Innovative Industrial Properties in the 4th quarter valued at $27,000. Patten Group Inc. acquired a new position in shares of Innovative Industrial Properties in the 4th quarter valued at about $27,000. Legal & General Group Plc lifted its stake in shares of Innovative Industrial Properties by 50.0% in the 4th quarter. Legal & General Group Plc now owns 1,440 shares of the company’s stock valued at $65,000 after purchasing an additional 480 shares during the period. BerganKDV Wealth Management LLC raised its stake in Innovative Industrial Properties by 215.1% during the 4th quarter. BerganKDV Wealth Management LLC now owns 1,481 shares of the company’s stock worth $67,000 after buying an additional 1,011 shares during the period. Finally, Advisor Group Inc. raised its stake in Innovative Industrial Properties by 30.3% during the 4th quarter. Advisor Group Inc. now owns 1,600 shares of the company’s stock worth $72,000 after buying an additional 372 shares during the period. Hedge funds and other institutional investors own 35.68% of the company’s stock.

IIPR traded down $0.10 on Tuesday, hitting $69.25. The company had a trading volume of 330,709 shares, compared to its average volume of 381,981. Innovative Industrial Properties has a 1-year low of $25.60 and a 1-year high of $81.60. The firm has a market cap of $649.91 million, a P/E ratio of 103.36 and a beta of 1.62.

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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