Van ECK Associates Corp Has $641,000 Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Van ECK Associates Corp increased its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 12.3% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 4,843 shares of the company’s stock after purchasing an additional 531 shares during the period. Van ECK Associates Corp’s holdings in Innovative Industrial Properties were worth $641,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Prevail Innovative Wealth Advisors LLC acquired a new stake in shares of Innovative Industrial Properties in the first quarter valued at approximately $2,046,000. SG Americas Securities LLC raised its holdings in Innovative Industrial Properties by 75.7% in the 1st quarter. SG Americas Securities LLC now owns 19,573 shares of the company’s stock valued at $2,027,000 after acquiring an additional 8,436 shares in the last quarter. Texas Permanent School Fund Corp lifted its position in shares of Innovative Industrial Properties by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 24,540 shares of the company’s stock valued at $2,541,000 after acquiring an additional 328 shares during the period. Vanguard Group Inc. grew its holdings in shares of Innovative Industrial Properties by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock worth $456,705,000 after purchasing an additional 28,111 shares in the last quarter. Finally, CANADA LIFE ASSURANCE Co increased its position in shares of Innovative Industrial Properties by 4.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 57,808 shares of the company’s stock worth $5,982,000 after purchasing an additional 2,452 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on IIPR. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. 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 report on Monday, July 22nd. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday. Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a report on Friday, November 8th. Finally, Piper Sandler lowered their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $127.67.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock opened at $103.96 on Wednesday. The company’s 50 day moving average price is $129.04 and its two-hundred day moving average price is $118.74. The firm has a market capitalization of $2.95 billion, a P/E ratio of 18.50 and a beta of 1.37. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 18.06. Innovative Industrial Properties, Inc. has a fifty-two week low of $73.04 and a fifty-two week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The firm 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 company’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.29 EPS. On average, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 7.31%. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

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.