BlackRock Fund Advisors recently announced the acquisition of new stake in Innovative Industrial Properties Inc. (NYSE:IIPR). The institutional investor has increased its shareholding in the Real Estate company by 39.70% to 2.44 million shares with purchase of 0.69 million shares. This fresh investment now brings its stake to 13.10% valued currently at $214.65 million. In addition, The Vanguard Group, Inc. raised its holdings by 0.59 million to 1.87 million shares.
With over 0.36 million Innovative Industrial Properties Inc. (IIPR) shares trading Friday and a closing price of $93.06 on the day, the dollar volume was approximately $33.63 million. The shares have shown a negative weekly performance of -0.95% and its price on 07/24/20 lost nearly -4.55%. Currently, there are 21.70M common shares owned by the public and among those 16.64M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 5 analysts who have offered their price forecasts for IIPR have a consensus price objective of $115.00. The analysts have set the share’s price value over the next 12 months at a high of $151.00 and a low of $75.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Innovative Industrial Properties Inc. stock is 1.60 for the next 12 months. The average price target is 19.08% above its last price level and an upside to the estimated low will see the stock lose -24.08% over that period. But an upside of 38.37% will see the stock hit the forecast high price target while mean target price for the stock is $120.00.
Insiders at the company have transacted a total of 29 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 17 of these insider trades were purchases, accounting for 21,047 shares. Insider sales of the common stock occurred on 12 occasions, with total insider shares sold totaling 45,328 shares.
The top 3 mutual fund holders in Innovative Industrial Properties Inc. are iShares Core S&P Small Cap ETF, Vanguard Real Estate Index Fund, and Vanguard Total Stock Market Index. iShares Core S&P Small Cap ETF owns 1.32 million shares of the company’s stock, all valued at over $115.91 million. Vanguard Real Estate Index Fund bought 8090.0 shares to see its total holdings expand to 0.74 million shares valued at over $65.36 million and representing 3.99% of the shares outstanding. Vanguard Total Stock Market Index bought 0.1 million shares to bring its total holdings to over 0.6 million shares at a value of $52.93 million. Vanguard Total Stock Market Index now owns shares totaling to 3.23% of the shares outstanding.
Shares of Innovative Industrial Properties Inc. (NYSE: IIPR) opened at $96.17, down -$1.33 from a prior closing price of $97.50. However, the script later closed the day at $93.06, down -4.55%. The company’s stock has a 5-day price change of -0.95% and 25.52% over the past three months. IIPR shares are trading 22.66% year to date (YTD), with the 12-month market performance down to -11.70% lower. It has a 12-month low price of $40.21 and touched a high of $115.82 over the same period. Currently, 0.36 million shares have been traded, compared to an average intraday trading volume of 412.79K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 0.50%, 3.84%, and 13.69% respectively.
Institutional ownership of Innovative Industrial Properties Inc. (NYSE: IIPR) shares accounts for 63.20% of the company’s 21.70M shares outstanding. Mutual fund holders own 37.96%, while other institutional holders and individual stakeholders account for 5.64% and 33.79% respectively.
It has a market capitalization of $1.99B and a beta (3y monthly) value of 1.32. The stock’s trailing 12-month PE ratio is 39.53, while the earnings-per-share (ttm) stands at $2.35. The company has a debt-to-equity ratio at 0.16. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.26% over the week and 3.56% over the month.
Analysts forecast that Innovative Industrial Properties Inc. (IIPR) will achieve an EPS of $0.75 for the current quarter, $0.83 for the next quarter and $5.12 for 2021. The lowest estimate earnings-per-share for the quarter is $0.71 while analysts give the company a high EPS estimate of $0.84. Comparatively, EPS for the current quarter was $0.3 a year ago. Earnings per share for the fiscal year are expected to increase by 171.60%, and 53.43% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 5 brokerage firm advisors rate Innovative Industrial Properties Inc. (IIPR) as a “Strong Buy” at a consensus score of 1.60. Specifically, 4 Wall Street analysts polled rate the stock as a buy, while 1 of the 5 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the IIPR, a number of firms have released research notes about the stock. Ladenburg Thalmann stated their Buy rating for the stock in a research note on March 23, 2020, with the firm’s price target at $69.50. ROTH Capital coverage for the Innovative Industrial Properties Inc. (IIPR) stock in a research note released on March 16, 2020 offered a Buy rating with a price target of $110. Craig Hallum was of a view on March 10, 2020 that the stock is Hold, while Ladenburg Thalmann gave the stock Neutral rating on March 20, 2019, issuing a price target of . Ladenburg Thalmann on their part issued Buy rating on January 24, 2018.