Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Acquired by Commonwealth Equity Services LLC

Commonwealth Equity Services LLC grew its stake in Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) by 1.9% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 40,757 shares of the company’s stock after buying an additional 765 shares during the period. Commonwealth Equity Services LLC owned 0.15% of Innovative Industrial Properties worth $8,371,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the stock. BlackRock Inc. boosted its holdings in shares of Innovative Industrial Properties by 3.6% in the 4th quarter. BlackRock Inc. now owns 4,292,781 shares of the company’s stock valued at $1,128,614,000 after buying an additional 149,188 shares in the last quarter. State Street Corp boosted its stake in Innovative Industrial Properties by 5.7% during the 4th quarter. State Street Corp now owns 1,278,642 shares of the company’s stock worth $338,070,000 after purchasing an additional 68,897 shares during the period. Nuveen Asset Management LLC boosted its stake in Innovative Industrial Properties by 18.2% during the 4th quarter. Nuveen Asset Management LLC now owns 308,210 shares of the company’s stock worth $81,032,000 after purchasing an additional 47,464 shares during the period. Charles Schwab Investment Management Inc. boosted its stake in Innovative Industrial Properties by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 285,444 shares of the company’s stock worth $75,047,000 after purchasing an additional 4,593 shares during the period. Finally, Copeland Capital Management LLC boosted its stake in Innovative Industrial Properties by 8.6% during the 1st quarter. Copeland Capital Management LLC now owns 252,942 shares of the company’s stock worth $51,954,000 after purchasing an additional 20,122 shares during the period. Institutional investors and hedge funds own 66.91% of the company’s stock.

Innovative Industrial Properties Stock Down 0.9 %

Shares of Innovative Industrial Properties stock opened at $95.52 on Tuesday. The company has a market cap of $2.67 billion, a P/E ratio of 19.78 and a beta of 1.63. The company has a debt-to-equity ratio of 0.19, a quick ratio of 28.15 and a current ratio of 28.15. Innovative Industrial Properties, Inc. has a one year low of $88.38 and a one year high of $288.02. The firm has a fifty day moving average of $113.50 and a two-hundred day moving average of $155.11.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last announced its quarterly earnings data on Wednesday, May 4th. The company reported $1.32 EPS for the quarter, missing analysts’ consensus estimates of $1.91 by ($0.59). The firm had revenue of $64.50 million for the quarter, compared to analysts’ expectations of $63.19 million. Innovative Industrial Properties had a return on equity of 7.91% and a net margin of 54.43%. The firm’s quarterly revenue was up 50.4% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.47 EPS. On average, analysts forecast that Innovative Industrial Properties, Inc. will post 7.6 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were issued a $1.75 dividend. The ex-dividend date was Wednesday, June 29th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 7.33%. Innovative Industrial Properties’s dividend payout ratio is presently 144.93%.

Wall Street Analyst Weigh In

A number of analysts recently weighed in on the stock. Wolfe Research cut shares of Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 19th. Piper Sandler decreased their price target on shares of Innovative Industrial Properties to $160.00 in a research note on Monday, July 4th. Craig Hallum decreased their price target on shares of Innovative Industrial Properties from $175.00 to $125.00 in a research note on Monday, July 18th. BTIG Research decreased their price target on shares of Innovative Industrial Properties from $290.00 to $248.00 and set a “buy” rating for the company in a research note on Friday, July 15th. Finally, JMP Securities decreased their price target on shares of Innovative Industrial Properties from $190.00 to $150.00 and set a “market outperform” rating for the company in a research note on Tuesday, July 19th. Two investment analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $185.60.

Innovative Industrial Properties Company Profile

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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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