Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Purchased by American Century Companies Inc.

American Century Companies Inc. boosted its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 10.0% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,554 shares of the company’s stock after buying an additional 1,412 shares during the period. American Century Companies Inc. owned 0.05% of Innovative Industrial Properties worth $1,699,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Blue Trust Inc. raised its holdings in Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after acquiring an additional 438 shares in the last quarter. GAMMA Investing LLC grew its stake in Innovative Industrial Properties by 84.9% in the first quarter. GAMMA Investing LLC now owns 525 shares of the company’s stock worth $54,000 after purchasing an additional 241 shares in the last quarter. Signaturefd LLC increased its holdings in Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after buying an additional 150 shares during the last quarter. Newbridge Financial Services Group Inc. raised its stake in Innovative Industrial Properties by 251.0% during the fourth quarter. Newbridge Financial Services Group Inc. now owns 723 shares of the company’s stock valued at $73,000 after buying an additional 517 shares in the last quarter. Finally, Plato Investment Management Ltd bought a new position in Innovative Industrial Properties during the 1st quarter worth approximately $80,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Analysts Set New Price Targets

IIPR has been the topic of a number of analyst reports. Roth Mkm increased their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Finally, Piper Sandler boosted their price target on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $130.00.

Innovative Industrial Properties Trading Up 0.3 %

Shares of IIPR opened at $135.82 on Monday. The stock has a fifty day moving average price of $123.79 and a two-hundred day moving average price of $112.17. The company has a market cap of $3.85 billion, a price-to-earnings ratio of 23.83 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 52-week low of $69.08 and a 52-week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.64). The business had revenue of $79.79 million for the quarter, compared to the consensus estimate of $77.18 million. Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter last year, the firm earned $2.26 EPS. Analysts predict that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders 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 5.60%. The ex-dividend date is Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is currently 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.