Geode Capital Management LLC Raises Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Geode Capital Management LLC raised its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 31.9% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 52,872 shares of the company's stock after purchasing an additional 12,791 shares during the quarter. Geode Capital Management LLC owned 0.19% of Innovative Industrial Properties worth $7,133,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors also recently modified their holdings of IIPR. Bristlecone Advisors LLC boosted its holdings in Innovative Industrial Properties by 0.8% during the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company's stock worth $1,696,000 after purchasing an additional 103 shares during the last quarter. Dynamic Advisor Solutions LLC boosted its stake in shares of Innovative Industrial Properties by 3.2% in the 3rd quarter. Dynamic Advisor Solutions LLC now owns 5,490 shares of the company's stock worth $739,000 after buying an additional 168 shares during the last quarter. USA Financial Formulas purchased a new stake in shares of Innovative Industrial Properties during the third quarter valued at approximately $25,000. Arizona State Retirement System lifted its holdings in Innovative Industrial Properties by 2.5% during the second quarter. Arizona State Retirement System now owns 7,895 shares of the company's stock worth $862,000 after acquiring an additional 189 shares during the period. Finally, US Bancorp DE boosted its position in Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company's stock worth $59,000 after purchasing an additional 189 shares during the last quarter. Institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR traded up $0.26 during trading on Friday, hitting $68.06. 240,296 shares of the company were exchanged, compared to its average volume of 303,198. Innovative Industrial Properties, Inc. has a 52-week low of $64.80 and a 52-week high of $138.35. The stock has a 50 day moving average of $101.59 and a 200 day moving average of $115.17. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The company has a market cap of $1.93 billion, a PE ratio of 12.11 and a beta of 1.30.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings data 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). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company had revenue of $76.53 million for the quarter, compared to analysts' expectations of $77.30 million. During the same period last year, the company posted $2.29 EPS. The business's revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 11.17%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 135.23%.

Wall Street Analysts Forecast Growth

IIPR has been the subject of several research analyst reports. BTIG Research lowered Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research report on Monday, December 23rd. Roth Capital raised shares of Innovative Industrial Properties to a "strong-buy" rating in a research report on Monday, November 11th. Wolfe Research upgraded shares of Innovative Industrial Properties to a "hold" rating in a research note on Monday, September 23rd. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Alliance Global Partners downgraded Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, Innovative Industrial Properties presently has a consensus rating of "Hold" and an average target price of $104.50.

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.