Jupiter Asset Management Ltd. Grows Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Jupiter Asset Management Ltd. raised its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 279.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 47,343 shares of the company’s stock after buying an additional 34,854 shares during the period. Jupiter Asset Management Ltd.’s holdings in Innovative Industrial Properties were worth $5,171,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in IIPR. Blue Trust Inc. increased its stake in Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after acquiring an additional 438 shares during the last quarter. Signaturefd LLC increased its position in shares of Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares during the last quarter. GAMMA Investing LLC raised its holdings in shares of Innovative Industrial Properties by 84.9% during the 1st quarter. GAMMA Investing LLC now owns 525 shares of the company’s stock valued at $54,000 after buying an additional 241 shares in the last quarter. Newbridge Financial Services Group Inc. raised its holdings in shares of Innovative Industrial Properties by 251.0% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 723 shares of the company’s stock valued at $73,000 after buying an additional 517 shares in the last quarter. Finally, Plato Investment Management Ltd bought a new stake in Innovative Industrial Properties in the 1st quarter worth approximately $80,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $129.26 on Friday. The company has a market capitalization of $3.66 billion, a P/E ratio of 22.68 and a beta of 1.35. Innovative Industrial Properties, Inc. has a fifty-two week low of $69.08 and a fifty-two week high of $129.45. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06. The stock has a 50 day moving average price of $119.46 and a two-hundred day moving average price of $109.07.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). The firm had revenue of $79.79 million for the quarter, compared to the consensus estimate of $77.18 million. Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.26 earnings per share. Analysts expect that Innovative Industrial Properties, Inc. will post 8.41 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $1.90 dividend. The ex-dividend date is Monday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 5.88%. Innovative Industrial Properties’s payout ratio is presently 133.33%.

Analyst Ratings Changes

A number of research analysts have commented on the stock. Roth Mkm lifted their price target on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Piper Sandler increased their target price on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 9th.

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.