Van ECK Associates Corp Buys 531 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Van ECK Associates Corp boosted its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 12.3% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 4,843 shares of the company’s stock after acquiring an additional 531 shares during the period. Van ECK Associates Corp’s holdings in Innovative Industrial Properties were worth $641,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. USA Financial Formulas bought a new position in shares of Innovative Industrial Properties in the 3rd quarter worth about $25,000. US Bancorp DE increased its holdings in Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after purchasing an additional 189 shares in the last quarter. Blue Trust Inc. lifted 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 buying an additional 438 shares during the period. Signaturefd LLC boosted its holdings in shares of Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after buying an additional 150 shares in the last quarter. Finally, Federated Hermes Inc. grew its position in shares of Innovative Industrial Properties by 138.1% during the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after buying an additional 312 shares during the period. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 3.5 %

IIPR opened at $103.96 on Wednesday. The firm has a market capitalization of $2.95 billion, a PE ratio of 18.50 and a beta of 1.37. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 18.06. Innovative Industrial Properties, Inc. has a fifty-two week low of $73.04 and a fifty-two week high of $138.35. The company’s 50-day moving average is $129.04 and its 200 day moving average is $118.74.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. During the same quarter in the prior year, the business earned $2.29 EPS. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, research analysts predict that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $1.90 dividend. The ex-dividend date was Monday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 7.31%. Innovative Industrial Properties’s payout ratio is 135.23%.

Analysts Set New Price Targets

Several brokerages recently issued reports on IIPR. Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research note on Friday, November 8th. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Piper Sandler decreased their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Roth Mkm increased their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a report on Monday. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.67.

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.