Allspring Global Investments Holdings LLC Invests $253,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Allspring Global Investments Holdings LLC bought a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 2,314 shares of the company’s stock, valued at approximately $253,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bank of New York Mellon Corp increased its stake in shares of Innovative Industrial Properties by 3.3% in the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after acquiring an additional 10,615 shares in the last quarter. Bristlecone Advisors LLC increased its stake in shares of Innovative Industrial Properties by 12.6% in the 2nd quarter. Bristlecone Advisors LLC now owns 12,497 shares of the company’s stock worth $1,365,000 after acquiring an additional 1,395 shares in the last quarter. Secure Asset Management LLC increased its stake in shares of Innovative Industrial Properties by 3.0% in the 2nd quarter. Secure Asset Management LLC now owns 14,298 shares of the company’s stock worth $1,562,000 after acquiring an additional 411 shares in the last quarter. Louisiana State Employees Retirement System increased its stake in shares of Innovative Industrial Properties by 2.9% in the 2nd quarter. Louisiana State Employees Retirement System now owns 14,300 shares of the company’s stock worth $1,562,000 after acquiring an additional 400 shares in the last quarter. Finally, Koa Wealth Management LLC increased its stake in shares of Innovative Industrial Properties by 5.1% in the 2nd quarter. Koa Wealth Management LLC now owns 43,132 shares of the company’s stock worth $4,711,000 after acquiring an additional 2,078 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on the stock. Roth Mkm increased their price target 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. Piper Sandler raised their price objective on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, August 9th.

Innovative Industrial Properties Stock Down 0.9 %

NYSE:IIPR opened at $120.67 on Friday. The firm has a market cap of $3.42 billion, a P/E ratio of 21.17 and a beta of 1.35. 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. The firm has a 50-day simple moving average of $118.12 and a two-hundred day simple moving average of $108.24.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly 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 return on equity of 8.50% and a net margin of 52.73%. The company had revenue of $79.79 million during the quarter, compared to the consensus estimate of $77.18 million. During the same quarter in the prior year, the firm earned $2.26 earnings per share. The business’s revenue was up 4.4% compared to the same quarter last year. Analysts predict 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. Stockholders of record on Friday, June 28th were paid a $1.90 dividend. The ex-dividend date was Thursday, June 27th. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $1.82. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.30%. Innovative Industrial Properties’s payout ratio is currently 133.33%.

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.