Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Bought by Geode Capital Management LLC

Geode Capital Management LLC grew its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 31.9% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 52,872 shares of the company’s stock after purchasing an additional 12,791 shares during the period. Geode Capital Management LLC’s holdings in Innovative Industrial Properties were worth $7,133,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. USA Financial Formulas acquired a new position in Innovative Industrial Properties during the third quarter worth approximately $25,000. Canton Hathaway LLC acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at $55,000. Loomis Sayles & Co. L P raised its position in Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after purchasing an additional 407 shares during the last quarter. US Bancorp DE boosted its stake in Innovative Industrial Properties by 75.3% during the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after purchasing an additional 189 shares during the period. Finally, Federated Hermes Inc. grew its position 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 purchasing an additional 312 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the stock. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Finally, Compass Point lowered 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 report on Friday, December 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Stock Up 0.4 %

Innovative Industrial Properties stock opened at $68.06 on Friday. The stock’s 50 day moving average price is $101.59 and its 200 day moving average price is $115.17. The company has a market cap of $1.93 billion, a PE ratio of 12.11 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. Innovative Industrial Properties, Inc. has a 1-year low of $64.80 and a 1-year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to analysts’ expectations 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 revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.29 earnings per share. On average, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $1.90 dividend. The ex-dividend date is Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 11.17%. Innovative Industrial Properties’s dividend payout ratio (DPR) 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.