Kestra Private Wealth Services LLC Takes Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Kestra Private Wealth Services 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 and Exchange Commission. The institutional investor purchased 5,913 shares of the company’s stock, valued at approximately $607,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Klein Pavlis & Peasley Financial Inc. acquired a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $1,472,000. Victory Capital Management Inc. raised its stake in Innovative Industrial Properties by 250.7% in the 3rd quarter. Victory Capital Management Inc. now owns 16,712 shares of the company’s stock valued at $1,264,000 after purchasing an additional 11,947 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Innovative Industrial Properties by 3.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 363,500 shares of the company’s stock valued at $27,502,000 after purchasing an additional 12,026 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in Innovative Industrial Properties during the 4th quarter worth $14,952,000. Finally, Campbell & CO Investment Adviser LLC grew its holdings in shares of Innovative Industrial Properties by 87.7% during the third quarter. Campbell & CO Investment Adviser LLC now owns 12,988 shares of the company’s stock worth $983,000 after buying an additional 6,070 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Innovative Industrial Properties Stock Up 1.1 %

NYSE IIPR opened at $109.48 on Monday. Innovative Industrial Properties, Inc. has a 52 week low of $65.16 and a 52 week high of $111.71. The firm has a market cap of $3.09 billion, a PE ratio of 18.97 and a beta of 1.48. The business’s fifty day simple moving average is $99.17 and its 200-day simple moving average is $92.03. The company has a quick ratio of 14.22, a current ratio of 14.22 and a debt-to-equity ratio of 0.16.

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

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a dividend of $1.82 per share. The ex-dividend date was Wednesday, March 27th. This represents a $7.28 annualized dividend and a yield of 6.65%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 126.17%.

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 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.