Bank of New York Mellon Corp Buys 10,615 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Bank of New York Mellon Corp increased its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 3.3% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 336,694 shares of the company’s stock after purchasing an additional 10,615 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.19% of Innovative Industrial Properties worth $36,774,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC acquired a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $26,000. Atria Wealth Solutions Inc. acquired a new position in Innovative Industrial Properties during the 4th quarter valued at about $245,000. Russell Investments Group Ltd. raised its stake in Innovative Industrial Properties by 25.0% in the fourth quarter. Russell Investments Group Ltd. now owns 12,451 shares of the company’s stock valued at $1,255,000 after buying an additional 2,494 shares during the last quarter. Van ECK Associates Corp boosted its holdings in Innovative Industrial Properties by 19.7% in the fourth quarter. Van ECK Associates Corp now owns 3,914 shares of the company’s stock worth $395,000 after acquiring an additional 643 shares in the last quarter. Finally, Kestra Private Wealth Services LLC acquired a new position in shares of Innovative Industrial Properties during the fourth quarter valued at about $607,000. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $124.28 on Tuesday. The firm has a market capitalization of $3.52 billion, a P/E ratio of 21.80 and a beta of 1.37. The stock has a 50-day simple moving average of $117.14 and a two-hundred day simple moving average of $107.51. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06. Innovative Industrial Properties, Inc. has a fifty-two week low of $69.08 and a fifty-two week high of $127.36.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $79.79 million for the quarter, compared to analysts’ expectations of $77.18 million. During the same quarter in the prior year, the business posted $2.26 earnings per share. The firm’s revenue was up 4.4% compared to the same quarter last year. On average, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.41 earnings per share for the current year.

Innovative Industrial Properties Increases Dividend

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

Analysts Set New Price Targets

Several research firms have weighed in on IIPR. Roth Mkm boosted 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 report on Monday, July 22nd. Piper Sandler upped their target price on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $118.33.

Innovative Industrial Properties 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.