Rhumbline Advisers Purchases 454 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Rhumbline Advisers increased its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 0.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 94,632 shares of the company’s stock after purchasing an additional 454 shares during the quarter. Rhumbline Advisers’ holdings in Innovative Industrial Properties were worth $5,119,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Bogart Wealth LLC acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $27,000. GF Fund Management CO. LTD. bought a new position in shares of Innovative Industrial Properties in the 4th quarter worth $34,000. Smartleaf Asset Management LLC grew its stake in shares of Innovative Industrial Properties by 182.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after purchasing an additional 417 shares during the period. Headlands Technologies LLC bought a new stake in Innovative Industrial Properties in the fourth quarter valued at about $50,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Innovative Industrial Properties in the fourth quarter valued at about $56,000. 70.58% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Roth Mkm decreased their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, February 21st. Wolfe Research assumed coverage on Innovative Industrial Properties in a report on Wednesday, April 23rd. They set an “outperform” rating and a $57.00 target price on the stock. Compass Point restated a “sell” rating and issued a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Piper Sandler cut their price objective on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a report on Tuesday, April 15th. Finally, Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $78.67.

Innovative Industrial Properties Stock Performance

IIPR opened at $56.77 on Friday. The company has a market capitalization of $1.59 billion, a price-to-earnings ratio of 10.27 and a beta of 1.70. The business’s 50-day moving average price is $53.95 and its two-hundred day moving average price is $67.97. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.12). The firm had revenue of $71.72 million for the quarter, compared to analyst estimates of $72.20 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company’s revenue was down 5.7% compared to the same quarter last year. During the same period last year, the company earned $2.21 EPS. Equities analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

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.