Truist Financial Corp Has $1.80 Million Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Truist Financial Corp cut its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.2% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 16,431 shares of the company’s stock after selling 198 shares during the quarter. Truist Financial Corp owned approximately 0.06% of Innovative Industrial Properties worth $1,795,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in IIPR. LSV Asset Management increased its position in Innovative Industrial Properties by 124.4% in the 1st quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after acquiring an additional 56,200 shares in the last quarter. 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 position 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 worth $2,027,000 after purchasing an additional 8,436 shares during the last quarter. Texas Permanent School Fund Corp lifted its holdings in 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 worth $2,541,000 after buying an additional 328 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Innovative Industrial Properties by 18.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,159 shares of the company’s stock valued at $21,242,000 after buying an additional 31,313 shares during the last quarter. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Stock Up 1.0 %

Shares of Innovative Industrial Properties stock opened at $130.87 on Friday. Innovative Industrial Properties, Inc. has a 12 month low of $69.08 and a 12 month high of $138.35. The business has a fifty day simple moving average of $125.72 and a 200 day simple moving average of $114.20. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15. The stock has a market cap of $3.71 billion, a PE ratio of 22.96 and a beta of 1.35.

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

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a $1.90 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 5.81%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 133.33%.

Analyst Ratings Changes

Several equities analysts have recently issued reports on IIPR shares. Piper Sandler upped their price target on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Finally, Roth Mkm lifted 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.

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.