Maryland State Retirement & Pension System Boosts Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Maryland State Retirement & Pension System lifted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) by 7.7% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 10,276 shares of the company’s stock after purchasing an additional 737 shares during the period. Maryland State Retirement & Pension System’s holdings in Innovative Industrial Properties were worth $2,111,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Covestor Ltd acquired a new position in shares of Innovative Industrial Properties during the 4th quarter worth approximately $25,000. Level Financial Advisors Inc. acquired a new position in shares of Innovative Industrial Properties during the 4th quarter worth approximately $33,000. Cornerstone Advisory LLC acquired a new position in shares of Innovative Industrial Properties during the 4th quarter worth approximately $35,000. Paragon Capital Management Ltd acquired a new position in shares of Innovative Industrial Properties during the 4th quarter worth approximately $39,000. Finally, Baystate Wealth Management LLC boosted its holdings in shares of Innovative Industrial Properties by 263.0% during the 4th quarter. Baystate Wealth Management LLC now owns 196 shares of the company’s stock worth $52,000 after purchasing an additional 142 shares during the last quarter. Institutional investors and hedge funds own 66.91% of the company’s stock.

NYSE:IIPR opened at $110.93 on Thursday. The company has a quick ratio of 28.15, a current ratio of 28.15 and a debt-to-equity ratio of 0.19. The stock’s fifty day moving average is $135.66 and its two-hundred day moving average is $183.11. Innovative Industrial Properties, Inc. has a 52 week low of $107.52 and a 52 week high of $288.02. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of 22.97 and a beta of 1.78.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last released its quarterly earnings results on Wednesday, May 4th. The company reported $1.32 EPS for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.61). Innovative Industrial Properties had a return on equity of 7.91% and a net margin of 54.43%. The firm had revenue of $64.50 million for the quarter, compared to analyst estimates of $63.19 million. During the same quarter last year, the company earned $1.47 earnings per share. The firm’s revenue for the quarter was up 50.4% on a year-over-year basis. On average, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 7.8 EPS for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Friday, July 15th. Shareholders of record on Thursday, June 30th will be paid a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a yield of 6.31%. The ex-dividend date is Wednesday, June 29th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 144.93%.

Several research analysts have recently weighed in on IIPR shares. StockNews.com assumed coverage on Innovative Industrial Properties in a report on Thursday, March 31st. They set a “hold” rating on the stock. JMP Securities decreased their price objective on Innovative Industrial Properties from $300.00 to $190.00 and set a “buy” rating on the stock in a report on Thursday, June 2nd. BTIG Research reiterated a “buy” rating and issued a $290.00 price objective on shares of Innovative Industrial Properties in a report on Friday, April 1st. Finally, Craig Hallum upgraded Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $175.00 price objective on the stock in a report on Monday, May 9th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $239.00.

Innovative Industrial Properties Company Profile (Get Rating)

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 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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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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