Mercer Global Advisors Inc. ADV Has $672,000 Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Mercer Global Advisors Inc. ADV lifted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 5.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 6,148 shares of the company’s stock after buying an additional 300 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Innovative Industrial Properties were worth $672,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of the company. Edgestream Partners L.P. increased its holdings in Innovative Industrial Properties by 461.0% in the 2nd quarter. Edgestream Partners L.P. now owns 26,888 shares of the company’s stock worth $2,937,000 after purchasing an additional 22,095 shares in the last quarter. Sierra Summit Advisors LLC acquired a new position in shares of Innovative Industrial Properties in the second quarter valued at approximately $672,000. Dimensional Fund Advisors LP raised its holdings in Innovative Industrial Properties by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after buying an additional 45,779 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its position in Innovative Industrial Properties by 49.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 28,838 shares of the company’s stock worth $3,150,000 after buying an additional 9,558 shares during the period. Finally, Federated Hermes Inc. grew its holdings in Innovative Industrial Properties by 138.1% during the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after acquiring an additional 312 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on IIPR. Piper Sandler lifted their price target on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Roth Mkm lifted their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday. Three equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $130.00.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $135.54 on Friday. The company has a market capitalization of $3.84 billion, a PE ratio of 23.78 and a beta of 1.35. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a twelve month low of $69.08 and a twelve month high of $138.35. The firm has a fifty day simple moving average of $123.44 and a 200 day simple moving average of $111.71.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, August 5th. The company reported $1.44 earnings per share (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 business had revenue of $79.79 million during the quarter, compared to analyst estimates of $77.18 million. During the same period in the prior year, the firm earned $2.26 earnings per share. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. On average, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 5.61%. The ex-dividend date is Monday, September 30th. Innovative Industrial Properties’s payout ratio is 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.