Western Wealth Management LLC Invests $310,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Western Wealth Management LLC purchased a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,079 shares of the company’s stock, valued at approximately $310,000.

Several other institutional investors have also modified their holdings of IIPR. Investors Research Corp grew its position in Innovative Industrial Properties by 2.6% in the 4th quarter. Investors Research Corp now owns 5,000 shares of the company’s stock valued at $504,000 after buying an additional 125 shares in the last quarter. Van ECK Associates Corp grew its position in Innovative Industrial Properties by 4.3% in the 3rd quarter. Van ECK Associates Corp now owns 3,271 shares of the company’s stock valued at $247,000 after buying an additional 136 shares in the last quarter. Detalus Advisors LLC grew its position in Innovative Industrial Properties by 3.5% in the 3rd quarter. Detalus Advisors LLC now owns 4,132 shares of the company’s stock valued at $313,000 after buying an additional 140 shares in the last quarter. Nisa Investment Advisors LLC grew its position in Innovative Industrial Properties by 0.8% in the 4th quarter. Nisa Investment Advisors LLC now owns 18,123 shares of the company’s stock valued at $1,827,000 after buying an additional 144 shares in the last quarter. Finally, Daiwa Securities Group Inc. grew its position in Innovative Industrial Properties by 2.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 8,898 shares of the company’s stock valued at $673,000 after buying an additional 207 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Wall Street Analyst Weigh In

IIPR has been the subject of a number of research analyst reports. Piper Sandler upped their price target on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. TheStreet raised shares of Innovative Industrial Properties from a “c+” rating to a “b-” rating in a report on Wednesday, January 10th. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Hold” and an average price target of $92.67.

Innovative Industrial Properties Price Performance

IIPR stock opened at $96.62 on Tuesday. The firm has a 50-day moving average of $97.10 and a two-hundred day moving average of $90.21. The company has a current ratio of 14.22, a quick ratio of 14.22 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $2.72 billion, a PE ratio of 16.75 and a beta of 1.49. Innovative Industrial Properties, Inc. has a one year low of $63.36 and a one year high of $105.81.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Monday, February 26th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.62). The company had revenue of $79.16 million during the quarter, compared to analysts’ expectations of $76.55 million. Innovative Industrial Properties had a return on equity of 8.54% and a net margin of 53.50%. On average, analysts forecast that Innovative Industrial Properties, Inc. will post 8.49 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a $1.82 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $7.28 dividend on an annualized basis and a yield of 7.53%. Innovative Industrial Properties’s dividend payout ratio is currently 126.17%.

Innovative Industrial Properties 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 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.