Franklin Resources Inc. Boosts Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Franklin Resources Inc. lifted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 10.3% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 22,572 shares of the company’s stock after buying an additional 2,105 shares during the period. Franklin Resources Inc. owned about 0.08% of Innovative Industrial Properties worth $2,984,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Virtu Financial LLC purchased a new position in Innovative Industrial Properties in the 3rd quarter worth $339,000. TCW Group Inc. bought a new position in shares of Innovative Industrial Properties during the third quarter valued at about $2,572,000. Geode Capital Management LLC increased its holdings in shares of Innovative Industrial Properties by 31.9% in the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock worth $7,133,000 after buying an additional 12,791 shares during the period. Vestcor Inc lifted its stake in shares of Innovative Industrial Properties by 2.8% in the 3rd quarter. Vestcor Inc now owns 25,443 shares of the company’s stock valued at $3,425,000 after acquiring an additional 696 shares during the last quarter. Finally, Barclays PLC boosted its holdings in Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock valued at $6,459,000 after acquiring an additional 31,295 shares during the period. Institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

IIPR has been the subject of several recent research reports. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their price target for the stock from $118.00 to $70.00 in a report on Friday, December 20th. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $125.00 to $78.00 in a research note on Friday, December 20th. Finally, Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Stock Down 0.1 %

Shares of NYSE IIPR opened at $70.35 on Thursday. The firm has a fifty day simple moving average of $111.90 and a two-hundred day simple moving average of $117.46. Innovative Industrial Properties, Inc. has a 12 month low of $68.73 and a 12 month high of $138.35. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.99 billion, a PE ratio of 12.52 and a beta of 1.31.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The company had revenue of $76.53 million during 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%. Innovative Industrial Properties’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.29 earnings per share. Equities analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.90 per share. The ex-dividend date is Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 10.80%. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

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.