State of New Jersey Common Pension Fund D Lowers Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

State of New Jersey Common Pension Fund D reduced its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 10.5% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,707 shares of the company’s stock after selling 1,839 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.06% of Innovative Industrial Properties worth $2,114,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. BNP Paribas Financial Markets lifted its holdings in shares of Innovative Industrial Properties by 17.1% in the 1st quarter. BNP Paribas Financial Markets now owns 14,397 shares of the company’s stock valued at $1,491,000 after buying an additional 2,098 shares during the period. QRG Capital Management Inc. acquired a new stake in Innovative Industrial Properties in the first quarter valued at $387,000. Russell Investments Group Ltd. boosted its position in shares of Innovative Industrial Properties by 253.7% during the 1st quarter. Russell Investments Group Ltd. now owns 44,038 shares of the company’s stock worth $4,560,000 after purchasing an additional 31,587 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in shares of Innovative Industrial Properties by 11.4% in the 1st quarter. Avantax Advisory Services Inc. now owns 9,659 shares of the company’s stock valued at $1,000,000 after purchasing an additional 988 shares in the last quarter. Finally, ProShare Advisors LLC lifted its stake in shares of Innovative Industrial Properties by 7.4% in the first quarter. ProShare Advisors LLC now owns 5,633 shares of the company’s stock valued at $583,000 after purchasing an additional 386 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in 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 for the company in a report on Friday, November 8th. Piper Sandler dropped their price target 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. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday. Finally, Roth Mkm upped their price target on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. 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 Up 0.5 %

IIPR opened at $103.56 on Friday. The firm has a market cap of $2.93 billion, a P/E ratio of 18.43 and a beta of 1.37. The business’s fifty day simple moving average is $128.67 and its 200 day simple moving average is $118.63. Innovative Industrial Properties, Inc. has a 52 week low of $77.88 and a 52 week high of $138.35. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data 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 firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same period in the prior year, the firm earned $2.29 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.4 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.34%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is currently 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.