CWA Asset Management Group LLC Acquires Shares of 5,298 Innovative Industrial Properties, Inc. (NYSE:IIPR)

CWA Asset Management Group LLC acquired a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund acquired 5,298 shares of the company's stock, valued at approximately $713,000.

Several other institutional investors and hedge funds have also bought and sold shares of IIPR. Focused Wealth Management Inc boosted its holdings in Innovative Industrial Properties by 2.4% during the 2nd quarter. Focused Wealth Management Inc now owns 3,953 shares of the company's stock valued at $432,000 after acquiring an additional 93 shares during the period. Bristlecone Advisors LLC boosted its stake in shares of Innovative Industrial Properties by 0.8% in the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company's stock worth $1,696,000 after acquiring an additional 103 shares during the period. Cape Investment Advisory Inc. raised its stake in Innovative Industrial Properties by 11.6% during the first quarter. Cape Investment Advisory Inc. now owns 1,098 shares of the company's stock valued at $114,000 after purchasing an additional 114 shares in the last quarter. Baader Bank Aktiengesellschaft grew its holdings in Innovative Industrial Properties by 2.1% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 5,616 shares of the company's stock valued at $611,000 after purchasing an additional 116 shares during the last quarter. Finally, Hancock Whitney Corp lifted its holdings in Innovative Industrial Properties by 2.4% during the 1st quarter. Hancock Whitney Corp now owns 5,227 shares of the company's stock valued at $541,000 after buying an additional 124 shares in the last quarter. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Stock Up 1.5 %

IIPR traded up $1.64 during midday trading on Monday, reaching $108.01. 315,557 shares of the company were exchanged, compared to its average volume of 200,098. Innovative Industrial Properties, Inc. has a one year low of $73.04 and a one year high of $138.35. The company's fifty day moving average price is $129.74 and its 200 day moving average price is $118.63. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 11.53. The company has a market cap of $3.06 billion, a price-to-earnings ratio of 18.93 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released 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). The company had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company's revenue was down 1.7% on a year-over-year basis. During the same period last year, the firm posted $2.29 EPS. As a group, analysts expect that Innovative Industrial Properties, Inc. will post 8.47 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. Investors of record on Monday, September 30th were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.04%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 135.23%.

Analyst Ratings Changes

A number of equities analysts have commented on IIPR shares. Piper Sandler reduced their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating for the company in a report on Friday. Roth Mkm lifted 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. Wolfe Research raised Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Finally, Compass Point upgraded shares of Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 price objective for the company in a research report on Friday. Two investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of "Moderate Buy" and an average target price of $127.67.

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.