Compass Point Upgrades Innovative Industrial Properties: Aiming for a 30% Rise
On November 8, 2024, Compass Point revised its recommendation for Innovative Industrial Properties (NYSE:IIPR), moving it from Neutral to Buy.
Analysts Predict Significant Growth
As of October 22, 2024, analysts project an average one-year price target of $138.52 per share for Innovative Industrial Properties. These estimates range from a low of $116.15 to a high of $187.95, indicating a potential 30.22% increase from its recent closing price of $106.37 per share.
Rising Revenue and Earnings Forecasts
Forecasts suggest that Innovative Industrial Properties’ annual revenue may reach $332 million, reflecting a growth rate of 6.79%. The expected annual non-GAAP earnings per share (EPS) stands at 7.08.
Institutional Investors Show Increased Interest
Currently, 689 funds and institutions hold stakes in Innovative Industrial Properties, marking a slight increase of six owners, or 0.88%, in the last quarter. The average portfolio weight for these funds dedicated to IIPR rose by 2.41% to 0.22%. Institutional ownership of shares grew 1.30% over the last three months, totaling 21,566K shares. The put/call ratio for IIPR is 0.81, which indicates a positive market sentiment.
The iShares Core S&P Small-Cap ETF holds 1,844K shares, which is 6.51% of the company. This marks a decline from their previous holding of 1,896K shares, a reduction of 2.82%. However, their allocation in IIPR increased by 6.55% last quarter.
The Vanguard Real Estate Index Fund Investor Shares currently owns 1,130K shares, or 3.99% of IIPR. This shows a decrease from 1,145K shares previously, which is a drop of 1.34%. Nonetheless, their investment in IIPR rose by 4.43% over the last quarter.
The Vanguard Total Stock Market Index Fund Investor Shares holds 876K shares, representing 3.09% ownership. They reported a decrease from 882K shares, or 0.74%, but raised their allocation in IIPR by 1.82% last quarter.
The Vanguard Small-Cap Index Fund Investor Shares holds 713K shares (2.52% ownership), down from 715K shares (0.34% decrease), yet they increased their IIPR allocation by 10.28% recently.
Lastly, the iShares Russell 2000 ETF currently holds 656K shares, representing 2.32%. This is a reduction from 686K shares, a decrease of 4.49%. They, too, raised their IIPR allocation by 10.14% last quarter.
About Innovative Industrial Properties
(This description is provided by the company.)
Innovative Industrial Properties, Inc. is a self-advised Maryland corporation focusing on acquiring, owning, and managing specialized industrial properties leased to experienced, state-licensed operators involved in regulated medical-use cannabis. The company has been taxed as a real estate investment trust since the fiscal year ending December 31, 2017.
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