Anderson Hoagland & Co. lessened its holdings in Innovative Industrial Properties Inc (NYSE:IIPR) by 30.0% during the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,000 shares of the company’s stock after selling 3,000 shares during the period. Anderson Hoagland & Co.’s holdings in Innovative Industrial Properties were worth $624,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also made changes to their positions in IIPR. Stonebridge Capital Advisors LLC purchased a new position in Innovative Industrial Properties in the second quarter valued at approximately $36,000. North Star Investment Management Corp. bought a new stake in Innovative Industrial Properties during the 3rd quarter valued at $36,000. Focused Wealth Management Inc raised its holdings in Innovative Industrial Properties by 230.0% during the 2nd quarter. Focused Wealth Management Inc now owns 330 shares of the company’s stock valued at $41,000 after acquiring an additional 230 shares during the period. TRUE Private Wealth Advisors bought a new stake in Innovative Industrial Properties during the 2nd quarter valued at $42,000. Finally, Executive Wealth Management LLC raised its holdings in Innovative Industrial Properties by 11,500.0% during the 2nd quarter. Executive Wealth Management LLC now owns 580 shares of the company’s stock valued at $72,000 after acquiring an additional 575 shares during the period. Hedge funds and other institutional investors own 57.73% of the company’s stock.
A number of equities research analysts have issued reports on IIPR shares. BTIG Research boosted their target price on shares of Innovative Industrial Properties to $148.00 and gave the company a “buy” rating in a report on Thursday, June 20th. ValuEngine cut shares of Innovative Industrial Properties from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. TheStreet cut shares of Innovative Industrial Properties from a “b-” rating to a “c” rating in a report on Wednesday, August 7th. Finally, Zacks Investment Research raised shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $102.00 target price on the stock in a report on Wednesday, September 18th. Two equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. Innovative Industrial Properties presently has a consensus rating of “Buy” and a consensus target price of $125.00.
IIPR stock traded down $0.31 during midday trading on Wednesday, reaching $86.15. 288,000 shares of the company’s stock traded hands, compared to its average volume of 454,569. The company has a 50-day moving average price of $93.85 and a two-hundred day moving average price of $97.68. The company has a debt-to-equity ratio of 0.53, a quick ratio of 51.96 and a current ratio of 51.96. Innovative Industrial Properties Inc has a 52 week low of $39.45 and a 52 week high of $139.53. The firm has a market capitalization of $997.47 million, a PE ratio of 64.29 and a beta of 2.11.
Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, August 7th. The company reported $0.30 earnings per share for the quarter, missing the consensus estimate of $0.48 by ($0.18). The firm had revenue of $8.62 billion during the quarter, compared to the consensus estimate of $8.37 million. Innovative Industrial Properties had a return on equity of 5.17% and a net margin of 47.83%. The company’s revenue for the quarter was up 160.0% compared to the same quarter last year. During the same period in the previous year, the company posted $0.31 EPS. As a group, analysts predict that Innovative Industrial Properties Inc will post 2.58 EPS for the current fiscal year.
The company also recently declared a 0.60000 dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a $0.78 dividend. The ex-dividend date of this dividend is Friday, September 27th. This represents a dividend yield of 3.4%. Innovative Industrial Properties’s payout ratio is currently 232.84%.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.
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