The Vanguard Group, Inc. 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 3.14% to 4.37 million shares with purchase of 0.13 million shares. This fresh investment now brings its stake to 15.61% valued currently at $442.62 million. In addition, BlackRock Fund Advisors raised its holdings by 70548.0 to 4.24 million shares. And Zimmer Partners LP has lifted its position by 25.20% or 0.39 million shares – to 1.95 million shares.
With over 0.3 million Innovative Industrial Properties Inc. (IIPR) shares trading Tuesday and a closing price of $114.27 on the day, the dollar volume was approximately $33.72 million. The shares have shown a positive half year performance of 24.53% and its price on 01/17/23 gained nearly 2.08%. Currently, there are 27.94M common shares owned by the public and among those 27.59M 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: 8 analysts who have offered their price forecasts for IIPR have a consensus price objective of $156.83. The analysts have set the share’s price value over the next 12 months at a high of $196.00 and a low of $140.00. The average price target is 27.14% above its recent price level and an upside to the estimated low will see the stock gain 18.38% over that period. But an upside of 41.7% will see the stock hit the forecast high price target while median target price for the stock is $147.50.
Insiders at the company have transacted a total of 4 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 4 of these insider trades were purchases, accounting for 4,811 shares. Insider sales of the common stock occurred on 0 occasions, with total insider shares sold totaling 0 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 2.07 million shares of the company’s stock, all valued at over $209.75 million. The company sold 1360.0 shares recently to bring their total holdings to about 7.40% of the shares outstanding. Vanguard Real Estate Index Fund sold 5410.0 shares to see its total holdings shrink to 1.26 million shares valued at over $127.98 million and representing 4.51% of the shares outstanding. Vanguard Total Stock Market Index bought 1060.0 shares to bring its total holdings to over 0.84 million shares at a value of $85.04 million. Vanguard Total Stock Market Index now owns shares totaling to 3.00% of the shares outstanding.
Shares of Innovative Industrial Properties Inc. (NYSE: IIPR) opened at $112.00, up $0.06 from a prior closing price of $111.94. However, the script later moved the day high at 114.73, up 2.08%. The company’s stock has a 5-day price change of 12.54% and 26.80% over the past three months. IIPR shares are trading 12.75% year to date (YTD), with the 12-month market performance down to -45.77% lower. It has a 12-month low price of $87.47 and touched a high of $211.73 over the same period. IIPR has an average intraday trading volume of 332.23K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 9.89%, 3.71%, and -0.84% respectively.
Institutional ownership of Innovative Industrial Properties Inc. (NYSE: IIPR) shares accounts for 76.90% of the company’s 27.94M shares outstanding. Mutual fund holders own 30.78%, while other institutional holders and individual stakeholders account for 44.26% and 3.32% respectively.
It has a market capitalization of $3.16B and a beta (3y monthly) value of 1.73. The stock’s trailing 12-month PE ratio is 21.97, while the earnings-per-share (ttm) stands at $5.20. The company has a debt-to-equity ratio at 0.15. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.63% over the week and 3.51% over the month.
Analysts forecast that Innovative Industrial Properties Inc. (IIPR) will achieve an EPS of $1.29 for the current quarter, $1.32 for the next quarter and $5.89 for 2023. The lowest estimate earnings-per-share for the quarter is $1.23 while analysts give the company a high EPS estimate of $1.4. Comparatively, EPS for the current quarter was $1.2 a year ago. Earnings per share for the fiscal year are expected to increase by 39.50%, and 5.98% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 8 brokerage firm advisors rate Innovative Industrial Properties Inc. (IIPR) as a “Moderate Buy” at a consensus score of 2.00. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 2 of the 8 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. Compass Point stated their Buy rating for the stock in a research note on September 19, 2022, with the firm’s price target at $100-$175. Compass Point coverage for the Innovative Industrial Properties Inc. (IIPR) stock in a research note released on August 08, 2022 offered a Neutral rating with a price target of $100. Wolfe Research was of a view on July 19, 2022 that the stock is Peer Perform, while BTIG Research gave the stock Buy rating on July 15, 2022, issuing a price target of $290- $248. Craig Hallum on their part issued Buy rating on May 09, 2022.