Intech Investment Management LLC Invests $736,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Intech Investment Management LLC acquired a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 6,735 shares of the company's stock, valued at approximately $736,000.

A number of other large investors also recently modified their holdings of IIPR. Vanguard Group Inc. lifted its stake in Innovative Industrial Properties by 0.6% in the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company's stock worth $456,705,000 after purchasing an additional 28,111 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Innovative Industrial Properties by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company's stock valued at $36,774,000 after acquiring an additional 10,615 shares during the period. Dimensional Fund Advisors LP increased its stake in 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 purchasing an additional 45,779 shares during the period. Norges Bank purchased a new stake in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $31,116,000. Finally, Tidal Investments LLC grew its holdings in shares of Innovative Industrial Properties by 1,465.1% in the first quarter. Tidal Investments LLC now owns 236,929 shares of the company's stock worth $24,532,000 after purchasing an additional 221,791 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts have commented on the company. Roth Mkm upped their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a "buy" rating in a research report on Monday, July 22nd. Wolfe Research raised Innovative Industrial Properties to a "hold" rating in a research note on Monday. Finally, Piper Sandler boosted their target price on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a "neutral" rating in a report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and one has issued a buy rating to the company's stock. According to MarketBeat, Innovative Industrial Properties has an average rating of "Hold" and a consensus price target of $130.00.

Innovative Industrial Properties Stock Performance

Shares of IIPR traded up $1.57 during mid-day trading on Thursday, hitting $135.48. 202,714 shares of the company traded hands, compared to its average volume of 201,650. The stock has a market cap of $3.84 billion, a price-to-earnings ratio of 23.51 and a beta of 1.35. The stock has a 50-day moving average price of $123.09 and a two-hundred day moving average price of $111.55. Innovative Industrial Properties, Inc. has a 1 year low of $69.08 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings data on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing the consensus estimate of $2.08 by ($0.64). The firm had revenue of $79.79 million during the quarter, compared to the consensus estimate of $77.18 million. Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The business's revenue was up 4.4% on a year-over-year basis. During the same period in the previous year, the firm earned $2.26 EPS. Equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $1.90 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 5.61%. Innovative Industrial Properties's dividend payout ratio is currently 133.33%.

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.