Charles Schwab Investment Management Inc. Acquires 10,711 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Charles Schwab Investment Management Inc. increased its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 2.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 457,374 shares of the company's stock after purchasing an additional 10,711 shares during the period. Charles Schwab Investment Management Inc. owned 1.61% of Innovative Industrial Properties worth $61,563,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. L & S Advisors Inc purchased a new position in shares of Innovative Industrial Properties during the third quarter valued at about $2,956,000. Massachusetts Financial Services Co. MA boosted its stake in Innovative Industrial Properties by 5.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 30,466 shares of the company's stock valued at $4,101,000 after buying an additional 1,628 shares during the last quarter. Intech Investment Management LLC grew its holdings in Innovative Industrial Properties by 52.2% during the 3rd quarter. Intech Investment Management LLC now owns 10,250 shares of the company's stock valued at $1,380,000 after buying an additional 3,515 shares in the last quarter. Advisors Asset Management Inc. increased its stake in Innovative Industrial Properties by 178.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,248 shares of the company's stock worth $168,000 after acquiring an additional 799 shares during the last quarter. Finally, Quest Partners LLC bought a new position in shares of Innovative Industrial Properties during the 3rd quarter valued at approximately $95,000. 70.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts recently weighed in on the stock. Piper Sandler reduced their price target on shares of 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. Compass Point upgraded 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 report on Friday, November 8th. Wolfe Research upgraded Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Finally, Roth Capital upgraded Innovative Industrial Properties to a "strong-buy" rating in a research report on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned 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 Trading Down 0.1 %

Shares of IIPR stock traded down $0.15 on Friday, reaching $109.02. 105,074 shares of the company's stock were exchanged, compared to its average volume of 203,661. The company's fifty day simple moving average is $123.47 and its 200 day simple moving average is $118.63. Innovative Industrial Properties, Inc. has a 52 week low of $80.24 and a 52 week 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 stock has a market capitalization of $3.09 billion, a PE ratio of 19.43 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to analysts' expectations of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.29 earnings per share. As a group, analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.97%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 135.23%.

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.