Lazard Asset Management LLC Has $82,000 Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Lazard Asset Management LLC grew its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) by 89.9% during the second quarter, Holdings Channel.com reports. The fund owned 752 shares of the company’s stock after purchasing an additional 356 shares during the quarter. Lazard Asset Management LLC’s holdings in Innovative Industrial Properties were worth $82,000 as of its most recent SEC filing.

A number of other hedge funds have also recently bought and sold shares of IIPR. State Street Corp boosted its holdings in Innovative Industrial Properties by 14.8% during the 1st quarter. State Street Corp now owns 1,468,375 shares of the company’s stock worth $304,124,000 after acquiring an additional 189,733 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of Innovative Industrial Properties by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 3,989,218 shares of the company’s stock worth $819,386,000 after purchasing an additional 179,840 shares during the period. BlackRock Inc. raised its stake in shares of Innovative Industrial Properties by 2.1% during the 1st quarter. BlackRock Inc. now owns 4,381,568 shares of the company’s stock worth $899,975,000 after purchasing an additional 88,787 shares during the period. Peregrine Capital Management LLC bought a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth $9,677,000. Finally, Waterfront Capital Partners LLC bought a new stake in shares of Innovative Industrial Properties during the 1st quarter worth $13,682,000. 76.07% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Down 0.6 %

Shares of Innovative Industrial Properties stock opened at $116.68 on Thursday. Innovative Industrial Properties, Inc. has a 52-week low of $87.47 and a 52-week high of $270.86. The stock’s 50-day simple moving average is $100.62 and its 200 day simple moving average is $106.24. The stock has a market capitalization of $3.26 billion, a P/E ratio of 22.44 and a beta of 1.59. The company has a debt-to-equity ratio of 0.15, a quick ratio of 24.10 and a current ratio of 24.10.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last announced its quarterly earnings data on Wednesday, November 2nd. The company reported $1.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.92 by ($0.60). Innovative Industrial Properties had a net margin of 53.43% and a return on equity of 7.92%. The firm had revenue of $70.88 million during the quarter, compared to the consensus estimate of $68.60 million. As a group, research analysts anticipate that Innovative Industrial Properties, Inc. will post 7.71 EPS for the current year.

Innovative Industrial Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 14th. Investors of record on Friday, September 30th were paid a $1.80 dividend. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.75. This represents a $7.20 dividend on an annualized basis and a yield of 6.17%. The ex-dividend date was Thursday, September 29th. Innovative Industrial Properties’s payout ratio is currently 138.46%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on IIPR. Roth Capital lowered their target price on Innovative Industrial Properties from $190.00 to $170.00 in a research note on Wednesday, November 9th. Craig Hallum lifted their target price on Innovative Industrial Properties to $140.00 in a research note on Wednesday, November 16th. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $100.00 to $175.00 in a research note on Monday, September 19th. StockNews.com upgraded Innovative Industrial Properties from a “sell” rating to a “hold” rating in a research note on Friday, November 11th. Finally, Piper Sandler lowered their target price on Innovative Industrial Properties from $135.00 to $117.00 and set an “overweight” rating on the stock in a research note on Friday, October 7th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Moderate Buy” and a consensus target price of $166.67.

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.

Further Reading

Want to see what other hedge funds are holding IIPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating).

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

Receive News & Ratings for Innovative Industrial Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Innovative Industrial Properties and related companies with MarketBeat.com's FREE daily email newsletter.