BlackRock Inc. Purchases Shares of 4,997,521 Innovative Industrial Properties, Inc. $IIPR

BlackRock Inc. purchased a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 4,997,521 shares of the company’s stock, valued at approximately $309,746,000. BlackRock Inc. owned about 0.18% of Innovative Industrial Properties as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of IIPR. International Assets Investment Management LLC purchased a new position in shares of Innovative Industrial Properties during the 4th quarter valued at about $25,000. Advisory Services Network LLC purchased a new stake in Innovative Industrial Properties in the third quarter worth approximately $34,000. Los Angeles Capital Management LLC purchased a new stake in Innovative Industrial Properties in the fourth quarter worth approximately $35,000. Mirae Asset Global Investments Co. Ltd. grew its position in Innovative Industrial Properties by 33.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 819 shares of the company’s stock valued at $39,000 after acquiring an additional 205 shares during the last quarter. Finally, Headlands Technologies LLC raised its stake in shares of Innovative Industrial Properties by 109.4% during the second quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock worth $42,000 after acquiring an additional 396 shares in the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Price Performance

IIPR opened at $56.93 on Thursday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 24.51 and a current ratio of 24.51. The stock has a market capitalization of $1.57 billion, a PE ratio of 12.91 and a beta of 1.38. The stock’s 50 day moving average price is $60.44 and its 200-day moving average price is $56.00. Innovative Industrial Properties, Inc. has a 52-week low of $44.58 and a 52-week high of $65.38.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, August 3rd. The company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.34. The company had revenue of $63.31 million during the quarter, compared to analyst estimates of $67.09 million. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%. On average, equities research analysts predict that Innovative Industrial Properties, Inc. will post 7.15 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 13.3%. The ex-dividend date of this dividend was Tuesday, June 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 172.34%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on the stock. Piper Sandler boosted their price objective on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, July 21st. Zacks Research lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Finally, Weiss Ratings raised shares of Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Reduce” and a consensus price target of $48.00.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.