Intech Investment Management LLC Buys 3,515 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Intech Investment Management LLC raised its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 52.2% during the third quarter, HoldingsChannel.com reports. The fund owned 10,250 shares of the company’s stock after purchasing an additional 3,515 shares during the quarter. Intech Investment Management LLC’s holdings in Innovative Industrial Properties were worth $1,380,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of IIPR. Bank of New York Mellon Corp increased its holdings in shares of Innovative Industrial Properties by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after purchasing an additional 10,615 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Innovative Industrial Properties by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after acquiring an additional 45,779 shares during the last quarter. LSV Asset Management raised its holdings in shares of Innovative Industrial Properties by 21.0% during the 2nd quarter. LSV Asset Management now owns 122,646 shares of the company’s stock worth $13,395,000 after acquiring an additional 21,273 shares in the last quarter. Oppenheimer & Co. Inc. boosted its position in shares of Innovative Industrial Properties by 0.6% during the 2nd quarter. Oppenheimer & Co. Inc. now owns 75,696 shares of the company’s stock valued at $8,268,000 after acquiring an additional 446 shares during the last quarter. Finally, Public Sector Pension Investment Board grew its holdings in shares of Innovative Industrial Properties by 8.4% in the second quarter. Public Sector Pension Investment Board now owns 62,283 shares of the company’s stock valued at $6,803,000 after purchasing an additional 4,802 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on IIPR. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research report on Friday, November 8th. Piper Sandler decreased their price objective on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Finally, Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $127.67.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR opened at $109.36 on Wednesday. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 12 month low of $78.10 and a 12 month high of $138.35. The company has a market capitalization of $3.10 billion, a price-to-earnings ratio of 19.46 and a beta of 1.37. The firm’s 50-day moving average is $125.51 and its 200 day moving average is $118.70.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. During the same quarter last year, the firm earned $2.29 EPS. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. Research analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $1.90 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 6.95%. Innovative Industrial Properties’s payout ratio is 135.23%.

About Innovative Industrial Properties

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.