Public Employees Retirement System of Ohio Has $5.46 Million Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Public Employees Retirement System of Ohio increased its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 0.9% during the third quarter, Holdings Channel.com reports. The institutional investor owned 40,531 shares of the company’s stock after purchasing an additional 356 shares during the period. Public Employees Retirement System of Ohio’s holdings in Innovative Industrial Properties were worth $5,455,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. MML Investors Services LLC raised its stake in Innovative Industrial Properties by 10.5% in the third quarter. MML Investors Services LLC now owns 37,687 shares of the company’s stock valued at $5,073,000 after buying an additional 3,579 shares during the period. EP Wealth Advisors LLC acquired a new position in shares of Innovative Industrial Properties during the 3rd quarter worth approximately $221,000. Wellington Management Group LLP raised its stake in Innovative Industrial Properties by 48.6% in the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after acquiring an additional 185,855 shares during the period. Stansberry Asset Management LLC lifted its holdings in Innovative Industrial Properties by 8.5% during the 3rd quarter. Stansberry Asset Management LLC now owns 39,684 shares of the company’s stock valued at $5,341,000 after purchasing an additional 3,108 shares during the last quarter. Finally, Systematic Financial Management LP bought a new position in Innovative Industrial Properties during the third quarter worth $263,000. 70.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Innovative Industrial Properties Price Performance

NYSE:IIPR opened at $104.72 on Friday. Innovative Industrial Properties, Inc. has a 52 week low of $87.52 and a 52 week high of $138.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The firm’s 50-day simple moving average is $117.98 and its 200 day simple moving average is $118.39. The firm has a market cap of $2.97 billion, a price-to-earnings ratio of 18.63 and a beta of 1.30.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). The business had revenue of $76.53 million for the quarter, compared to the consensus estimate 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 in the prior year, the business posted $2.29 earnings per share. As a group, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 7.26%. Innovative Industrial Properties’s dividend payout ratio is 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.