Intech Investment Management LLC Acquires 3,515 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Intech Investment Management LLC lifted its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 52.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,250 shares of the company’s stock after purchasing an additional 3,515 shares during the quarter. Intech Investment Management LLC’s holdings in Innovative Industrial Properties were worth $1,380,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. USA Financial Formulas purchased a new stake in Innovative Industrial Properties in the third quarter worth approximately $25,000. Blue Trust Inc. boosted its stake in shares of Innovative Industrial Properties by 2,085.7% in the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after buying an additional 438 shares during the last quarter. Signaturefd LLC grew its holdings in shares of Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after acquiring an additional 150 shares during the period. Federated Hermes Inc. increased its position in Innovative Industrial Properties by 138.1% during the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after acquiring an additional 312 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after acquiring an additional 189 shares during the period. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $109.36 on Wednesday. The stock has a market cap of $3.10 billion, a price-to-earnings ratio of 19.46 and a beta of 1.37. Innovative Industrial Properties, Inc. has a 12 month low of $78.10 and a 12 month high of $138.35. The company’s 50 day moving average is $125.51 and its two-hundred day moving average is $118.70. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results 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). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. During the same quarter last year, the firm posted $2.29 EPS. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.95%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on IIPR shares. Piper Sandler cut their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a report on Friday, November 8th. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Finally, Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties 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.