Wedge Capital Management L L P NC Makes New Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Wedge Capital Management L L P NC purchased a new position in Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 56,296 shares of the company’s stock, valued at approximately $6,185,000.

A number of other hedge funds also recently modified their holdings of IIPR. BlackRock Inc. lifted its position in Innovative Industrial Properties by 2.1% in the 1st quarter. BlackRock Inc. now owns 4,381,568 shares of the company’s stock valued at $899,975,000 after acquiring an additional 88,787 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Innovative Industrial Properties by 4.7% during the first quarter. Vanguard Group Inc. now owns 3,989,218 shares of the company’s stock worth $819,386,000 after buying an additional 179,840 shares during the period. State Street Corp grew its holdings in shares of Innovative Industrial Properties by 14.8% during the first quarter. State Street Corp now owns 1,468,375 shares of the company’s stock worth $304,124,000 after buying an additional 189,733 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Innovative Industrial Properties by 8.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 310,586 shares of the company’s stock valued at $63,795,000 after buying an additional 25,142 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in Innovative Industrial Properties by 18.2% in the 4th quarter. Nuveen Asset Management LLC now owns 308,210 shares of the company’s stock valued at $81,032,000 after acquiring an additional 47,464 shares in the last quarter. Institutional investors and hedge funds own 76.07% of the company’s stock.

Innovative Industrial Properties Stock Performance

IIPR opened at $96.15 on Wednesday. The company has a quick ratio of 55.21, a current ratio of 55.21 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 12-month low of $87.47 and a 12-month high of $288.02. The business has a 50 day moving average of $95.53 and a 200-day moving average of $131.48. The stock has a market cap of $2.69 billion, a price-to-earnings ratio of 18.93 and a beta of 1.63.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last announced its earnings results on Wednesday, August 3rd. The company reported $1.42 earnings per share for the quarter, missing analysts’ consensus estimates of $1.86 by ($0.44). Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 54.07%. The firm had revenue of $70.51 million for the quarter, compared to the consensus estimate of $68.50 million. On average, equities research analysts expect that Innovative Industrial Properties, Inc. will post 7.82 earnings per share for the current year.

Innovative Industrial Properties Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be issued a dividend of $1.80 per share. The ex-dividend date of this dividend is Thursday, September 29th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 7.49%. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.75. Innovative Industrial Properties’s payout ratio is 137.80%.

Insiders Place Their Bets

In other news, Chairman Alan D. Gold bought 1,000 shares of the company’s stock in a transaction on Wednesday, August 10th. The stock was purchased at an average cost of $94.22 per share, for a total transaction of $94,220.00. Following the completion of the transaction, the chairman now owns 212,308 shares of the company’s stock, valued at $20,003,659.76. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Insiders own 1.50% of the company’s stock.

Analysts Set New Price Targets

IIPR has been the subject of several research reports. 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. Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and lifted their price target for the company from $100.00 to $175.00 in a research note on Monday. TheStreet cut shares of Innovative Industrial Properties from a “b-” rating to a “c+” rating in a research report on Monday, July 25th. Wolfe Research cut Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a report on Tuesday, July 19th. Finally, JMP Securities dropped their target price on Innovative Industrial Properties from $190.00 to $150.00 and set a “market outperform” rating on the stock in a report on Tuesday, July 19th. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $166.60.

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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