Loomis Sayles & Co. L P Raises Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Loomis Sayles & Co. L P raised its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 3,130.8% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 420 shares of the company’s stock after buying an additional 407 shares during the period. Loomis Sayles & Co. L P’s holdings in Innovative Industrial Properties were worth $57,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Dimensional Fund Advisors LP boosted its holdings in shares of Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after buying an additional 45,779 shares during the last quarter. Jupiter Asset Management Ltd. grew its position in shares of Innovative Industrial Properties by 279.1% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock valued at $5,171,000 after acquiring an additional 34,854 shares during the period. Thrivent Financial for Lutherans increased its stake in shares of Innovative Industrial Properties by 97.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 48,034 shares of the company’s stock worth $5,246,000 after purchasing an additional 23,709 shares in the last quarter. Edgestream Partners L.P. increased its stake in shares of Innovative Industrial Properties by 461.0% in the 2nd quarter. Edgestream Partners L.P. now owns 26,888 shares of the company’s stock worth $2,937,000 after purchasing an additional 22,095 shares in the last quarter. Finally, L & S Advisors Inc purchased a new position in Innovative Industrial Properties during the third quarter valued at $2,956,000. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Stock Up 0.0 %

Shares of IIPR opened at $109.17 on Friday. Innovative Industrial Properties, Inc. has a 12-month low of $78.10 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 company has a market capitalization of $3.09 billion, a PE ratio of 19.41 and a beta of 1.37. The business’s 50 day moving average is $124.51 and its 200 day moving average is $118.67.

Innovative Industrial Properties (NYSE:IIPR) last released 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 during 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 quarterly revenue was down 1.7% compared to the same quarter last year. During the same period last year, the firm posted $2.29 EPS. Research analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.96%. Innovative Industrial Properties’s payout ratio is 135.23%.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on IIPR shares. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Piper Sandler lowered their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Finally, Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $127.67.

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.