Investors Research Corp Grows Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Investors Research Corp lifted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 2.6% in the fourth quarter, HoldingsChannel.com reports. The fund owned 5,000 shares of the company’s stock after acquiring an additional 125 shares during the quarter. Investors Research Corp’s holdings in Innovative Industrial Properties were worth $504,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Sumitomo Mitsui Trust Holdings Inc. raised its position in Innovative Industrial Properties by 5.5% in the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,085 shares of the company’s stock worth $3,336,000 after purchasing an additional 1,725 shares during the period. Louisiana State Employees Retirement System purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth about $1,411,000. International Assets Investment Management LLC purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth about $14,952,000. Nisa Investment Advisors LLC lifted its stake in shares of Innovative Industrial Properties by 0.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 18,123 shares of the company’s stock valued at $1,827,000 after acquiring an additional 144 shares during the last quarter. Finally, Edmp Inc. purchased a new stake in Innovative Industrial Properties during the 4th quarter valued at about $243,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 1.6 %

NYSE IIPR opened at $96.76 on Tuesday. Innovative Industrial Properties, Inc. has a fifty-two week low of $63.36 and a fifty-two week high of $105.81. The company has a debt-to-equity ratio of 0.16, a quick ratio of 14.22 and a current ratio of 14.22. The stock has a 50 day simple moving average of $96.85 and a two-hundred day simple moving average of $89.64. The stock has a market cap of $2.73 billion, a P/E ratio of 16.77 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Monday, February 26th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.62). The business had revenue of $79.16 million for the quarter, compared to the consensus estimate of $76.55 million. Innovative Industrial Properties had a net margin of 53.50% and a return on equity of 8.54%. On average, analysts forecast that Innovative Industrial Properties, Inc. will post 8.49 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 7.52%. The ex-dividend date was Wednesday, March 27th. Innovative Industrial Properties’s payout ratio is currently 126.17%.

Analyst Ratings Changes

IIPR has been the topic of a number of analyst reports. Piper Sandler lifted their price target on Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. TheStreet upgraded shares of Innovative Industrial Properties from a “c+” rating to a “b-” rating in a report on Wednesday, January 10th. Four investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $92.67.

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.