Investors Research Corp Lowers Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Investors Research Corp decreased its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 24.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 3,650 shares of the company’s stock after selling 1,175 shares during the period. Investors Research Corp’s holdings in Innovative Industrial Properties were worth $491,000 at the end of the most recent quarter.

Other institutional investors have also recently modified their holdings of the company. Tidal Investments LLC lifted its stake in shares of Innovative Industrial Properties by 1,465.1% in the 1st quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock valued at $24,532,000 after purchasing an additional 221,791 shares during the period. Dimensional Fund Advisors LP lifted its stake in Innovative Industrial Properties by 16.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after acquiring an additional 45,779 shares during the period. Jupiter Asset Management Ltd. boosted its stake in shares of Innovative Industrial Properties by 279.1% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock worth $5,171,000 after acquiring an additional 34,854 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Innovative Industrial Properties by 253.7% in the 1st quarter. Russell Investments Group Ltd. now owns 44,038 shares of the company’s stock worth $4,560,000 after purchasing an additional 31,587 shares during the period. Finally, Vanguard Group Inc. grew its holdings in Innovative Industrial Properties by 0.6% during the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock valued at $456,705,000 after purchasing an additional 28,111 shares during the period. 70.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports 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 for the company in a research note on Friday, November 8th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Finally, Piper Sandler cut their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $127.67.

Innovative Industrial Properties Trading Up 0.8 %

Innovative Industrial Properties stock traded up $0.86 during mid-day trading on Thursday, hitting $106.16. The company’s stock had a trading volume of 10,520 shares, compared to its average volume of 202,256. Innovative Industrial Properties, Inc. has a 1 year low of $78.10 and a 1 year high of $138.35. The stock’s fifty day moving average is $126.79 and its two-hundred day moving average is $118.61. The firm has a market capitalization of $3.01 billion, a PE ratio of 18.73 and a beta of 1.37. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the business posted $2.29 EPS. On average, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $1.90 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 7.16%. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

Innovative Industrial Properties Company Profile

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.