Kestra Investment Management LLC Invests $2.33 Million in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Kestra Investment Management LLC acquired a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 17,328 shares of the company's stock, valued at approximately $2,332,000. Kestra Investment Management LLC owned approximately 0.06% of Innovative Industrial Properties as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its holdings in Innovative Industrial Properties by 1,054.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company's stock worth $8,354,000 after buying an additional 56,689 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Innovative Industrial Properties by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company's stock worth $35,862,000 after acquiring an additional 45,779 shares in the last quarter. Jupiter Asset Management Ltd. lifted its stake in shares of Innovative Industrial Properties by 279.1% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company's stock worth $5,171,000 after purchasing an additional 34,854 shares during the last quarter. Thrivent Financial for Lutherans boosted its position in 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 in the last quarter. Finally, Edgestream Partners L.P. grew its stake in Innovative Industrial Properties by 461.0% in the second quarter. Edgestream Partners L.P. now owns 26,888 shares of the company's stock valued at $2,937,000 after purchasing an additional 22,095 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Performance

IIPR stock traded down $0.15 during trading on Friday, reaching $109.02. The company had a trading volume of 105,074 shares, compared to its average volume of 313,591. 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 twelve month low of $80.24 and a twelve month high of $138.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The firm has a 50-day simple moving average of $123.47 and a 200-day simple moving average of $118.69.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate 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 analyst estimates of $77.30 million. During the same quarter in the previous year, the firm posted $2.29 earnings per share. The company's quarterly revenue was down 1.7% on a year-over-year basis. As a group, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders 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 6.97%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties's dividend payout ratio is presently 135.23%.

Analyst Ratings Changes

A number of analysts have recently weighed in on the stock. Compass Point upgraded shares of Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 price target on the stock in a report on Friday, November 8th. Roth Capital upgraded shares of Innovative Industrial Properties to a "strong-buy" rating in a research note on Monday, November 11th. Piper Sandler cut 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 report on Friday, November 8th. Finally, Wolfe Research upgraded Innovative Industrial Properties to a "hold" rating in a report on Monday, September 23rd. Two 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 stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus 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.