Jaffetilchin Investment Partners LLC Decreases Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Jaffetilchin Investment Partners LLC trimmed its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 7.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,038 shares of the company’s stock after selling 163 shares during the quarter. Jaffetilchin Investment Partners LLC’s holdings in Innovative Industrial Properties were worth $223,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at about $946,000. Chesapeake Capital Corp IL purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at about $854,000. Pinebridge Investments L.P. purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at about $763,000. LSV Asset Management raised its position in shares of Innovative Industrial Properties by 124.4% during the 1st quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after buying an additional 56,200 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. grew its holdings in Innovative Industrial Properties by 4.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 378,945 shares of the company’s stock valued at $38,205,000 after purchasing an additional 15,445 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently commented on IIPR shares. Piper Sandler upped their price target on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Roth Mkm upped their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $118.33.

Innovative Industrial Properties Trading Up 0.5 %

NYSE:IIPR opened at $124.28 on Friday. Innovative Industrial Properties, Inc. has a 52 week low of $69.08 and a 52 week high of $127.36. The firm has a 50 day moving average of $116.85 and a 200 day moving average of $107.17. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15. The stock has a market capitalization of $3.52 billion, a price-to-earnings ratio of 21.80 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The firm had revenue of $79.79 million for the quarter, compared to analysts’ expectations of $77.18 million. During the same period in the previous year, the company earned $2.26 EPS. The company’s revenue was up 4.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.41 earnings per share for the current fiscal year.

Innovative Industrial Properties Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a $1.90 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.12%. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.82. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 133.33%.

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.