Cynosure Group LLC Acquires New Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Cynosure Group LLC bought a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the third quarter, HoldingsChannel reports. The firm bought 2,659 shares of the company’s stock, valued at approximately $358,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Charles Schwab Investment Management Inc. increased its position in Innovative Industrial Properties by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after purchasing an additional 10,711 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Innovative Industrial Properties by 3.3% during the second quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after buying an additional 10,615 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after buying an additional 45,779 shares during the period. LSV Asset Management boosted its position in Innovative Industrial Properties by 21.0% during the second quarter. LSV Asset Management now owns 122,646 shares of the company’s stock worth $13,395,000 after acquiring an additional 21,273 shares during the last quarter. Finally, Oppenheimer & Co. Inc. grew its stake in Innovative Industrial Properties by 0.6% in the 2nd quarter. Oppenheimer & Co. Inc. now owns 75,696 shares of the company’s stock worth $8,268,000 after acquiring an additional 446 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on the company. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a research note on Friday, November 8th. Piper Sandler dropped their price objective on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Finally, Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of “Moderate Buy” and an average target price of $127.67.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR opened at $109.17 on Friday. The business has a 50-day moving average of $124.51 and a two-hundred day moving average of $118.67. The firm has a market capitalization of $3.09 billion, a PE ratio of 19.43 and a beta of 1.37. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. Innovative Industrial Properties, Inc. has a 12 month low of $78.10 and a 12 month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The business had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period last year, the company posted $2.29 EPS. As a group, research analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $1.90 per share. The ex-dividend date was Monday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 6.96%. Innovative Industrial Properties’s payout ratio is 135.23%.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated 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.