Stephens Inc. AR boosted its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) by 10.7% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,236 shares of the company’s stock after buying an additional 216 shares during the period. Stephens Inc. AR’s holdings in Innovative Industrial Properties were worth $459,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Flagship Harbor Advisors LLC increased its stake in shares of Innovative Industrial Properties by 1.0% during the fourth quarter. Flagship Harbor Advisors LLC now owns 5,174 shares of the company’s stock valued at $1,360,000 after acquiring an additional 52 shares during the period. Main Street Financial Solutions LLC raised its stake in shares of Innovative Industrial Properties by 2.8% in the 4th quarter. Main Street Financial Solutions LLC now owns 2,073 shares of the company’s stock worth $545,000 after buying an additional 56 shares in the last quarter. Ninepoint Partners LP lifted its holdings in shares of Innovative Industrial Properties by 5.6% in the fourth quarter. Ninepoint Partners LP now owns 1,328 shares of the company’s stock valued at $349,000 after buying an additional 71 shares during the period. Mutual of America Capital Management LLC boosted its stake in Innovative Industrial Properties by 2.5% during the fourth quarter. Mutual of America Capital Management LLC now owns 3,269 shares of the company’s stock valued at $859,000 after buying an additional 79 shares in the last quarter. Finally, Personal CFO Solutions LLC grew its holdings in Innovative Industrial Properties by 6.8% during the first quarter. Personal CFO Solutions LLC now owns 1,375 shares of the company’s stock worth $282,000 after acquiring an additional 88 shares during the period. 66.91% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities analysts have recently issued reports on IIPR shares. Piper Sandler lowered their price objective on shares of Innovative Industrial Properties to $160.00 in a research note on Monday, July 4th. TheStreet cut Innovative Industrial Properties from a “b-” rating to a “c+” rating in a report on Monday, July 25th. BTIG Research reduced their price objective on 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. Wolfe Research lowered Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 19th. Finally, Craig Hallum decreased their price target on Innovative Industrial Properties from $175.00 to $125.00 in a research report on Monday, July 18th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $185.60.
Innovative Industrial Properties Trading Up 0.4 %
Innovative Industrial Properties (NYSE:IIPR – Get Rating) last announced its quarterly earnings data on Wednesday, May 4th. The company reported $1.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.59). The business had revenue of $64.50 million during 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 revenue was up 50.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.47 earnings per share. Sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 7.6 earnings per share for the current year.
Innovative Industrial Properties Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Friday, July 15th. Investors of record on Thursday, June 30th were paid a $1.75 dividend. This represents a $7.00 annualized dividend and a yield of 7.20%. The ex-dividend date was Wednesday, June 29th. Innovative Industrial Properties’s dividend payout ratio is currently 144.93%.
Innovative Industrial Properties Company 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 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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