Citigroup Inc. Grows Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Citigroup Inc. raised its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 37.0% during the 3rd quarter, HoldingsChannel reports. The institutional investor owned 42,417 shares of the company’s stock after purchasing an additional 11,457 shares during the quarter. Citigroup Inc.’s holdings in Innovative Industrial Properties were worth $5,709,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. CWA Asset Management Group LLC acquired a new stake in shares of Innovative Industrial Properties in the third quarter valued at $713,000. Versor Investments LP lifted its holdings in shares of Innovative Industrial Properties by 98.3% during the 3rd quarter. Versor Investments LP now owns 12,227 shares of the company’s stock worth $1,646,000 after acquiring an additional 6,062 shares during the period. Charles Schwab Investment Management Inc. grew its position in Innovative Industrial Properties by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock valued at $61,563,000 after acquiring an additional 10,711 shares during the period. Prevail Innovative Wealth Advisors LLC raised its position in Innovative Industrial Properties by 30.0% in the 2nd quarter. Prevail Innovative Wealth Advisors LLC now owns 25,689 shares of the company’s stock valued at $2,806,000 after purchasing an additional 5,926 shares during the last quarter. Finally, Thrivent Financial for Lutherans grew its stake in shares of Innovative Industrial Properties by 97.5% during the second quarter. Thrivent Financial for Lutherans now owns 48,034 shares of the company’s stock valued at $5,246,000 after purchasing an additional 23,709 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock opened at $109.02 on Monday. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 19.40 and a beta of 1.37. Innovative Industrial Properties, Inc. has a 12 month low of $80.24 and a 12 month high of $138.35. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The business’s 50 day simple moving average is $123.47 and its 200 day simple moving average is $118.73.

Innovative Industrial Properties (NYSE:IIPR) last posted 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). The firm had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.29 earnings per share. Sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently declared 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 was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 6.97%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 135.23%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on IIPR shares. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research report on Friday, November 8th. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Piper Sandler reduced their price target 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, Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Two equities research 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 stock. According to MarketBeat.com, the company currently 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.