California Public Employees Retirement System Sells 2,318 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

California Public Employees Retirement System decreased its position in Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) by 4.2% during the 2nd quarter, Holdings Channel.com reports. The fund owned 52,947 shares of the company’s stock after selling 2,318 shares during the quarter. California Public Employees Retirement System’s holdings in Innovative Industrial Properties were worth $5,817,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in IIPR. State Street Corp lifted its stake in Innovative Industrial Properties by 14.8% in the first quarter. State Street Corp now owns 1,468,375 shares of the company’s stock valued at $304,124,000 after buying an additional 189,733 shares during the period. Vanguard Group Inc. raised 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 purchasing an additional 179,840 shares during the period. BlackRock Inc. raised its position in shares of Innovative Industrial Properties by 2.1% during the first 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 acquired a new stake in shares of Innovative Industrial Properties during the second quarter worth about $9,677,000. Finally, Waterfront Capital Partners LLC acquired a new stake in shares of Innovative Industrial Properties during the first quarter worth about $13,682,000. Institutional investors and hedge funds own 76.07% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $116.68 on Friday. Innovative Industrial Properties, Inc. has a one year low of $87.47 and a one year high of $270.86. The company has a debt-to-equity ratio of 0.15, a current ratio of 24.10 and a quick ratio of 24.10. The stock has a market cap of $3.26 billion, a P/E ratio of 22.44 and a beta of 1.59. The company has a fifty day moving average price of $101.15 and a two-hundred day moving average price of $106.31.

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

Innovative Industrial Properties Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Friday, September 30th were given a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 6.17%. The ex-dividend date was Thursday, September 29th. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $1.75. Innovative Industrial Properties’s dividend payout ratio is presently 138.46%.

Wall Street Analysts Forecast Growth

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

Innovative Industrial Properties 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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