UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC Boosts Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 1,054.5% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,065 shares of the company's stock after purchasing an additional 56,689 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC owned approximately 0.22% of Innovative Industrial Properties worth $8,354,000 at the end of the most recent reporting period.

A number of other hedge funds also recently made changes to their positions in IIPR. USA Financial Formulas purchased a new stake in Innovative Industrial Properties in the 3rd quarter worth approximately $25,000. Blue Trust Inc. increased its stake in Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company's stock valued at $48,000 after acquiring an additional 438 shares during the period. Signaturefd LLC boosted its stake in Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company's stock valued at $55,000 after buying an additional 150 shares in the last quarter. Canton Hathaway LLC bought a new stake in shares of Innovative Industrial Properties in the 3rd quarter worth about $55,000. Finally, Loomis Sayles & Co. L P increased its holdings in shares of Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company's stock worth $57,000 after buying an additional 407 shares in the last quarter. Institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Stock Performance

NYSE IIPR traded down $0.93 during trading hours on Tuesday, reaching $106.43. 132,529 shares of the company were exchanged, compared to its average volume of 202,922. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The business's 50 day simple moving average is $119.64 and its 200-day simple moving average is $118.53. Innovative Industrial Properties, Inc. has a 1 year low of $87.06 and a 1 year high of $138.35. The stock has a market capitalization of $3.02 billion, a P/E ratio of 18.94 and a beta of 1.31.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 EPS 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 return on equity of 8.44% and a net margin of 52.51%. Innovative Industrial Properties's revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $2.29 earnings per share. On average, equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 7.14%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 135.23%.

Analysts Set New Price Targets

IIPR has been the topic of a number of recent research reports. Wolfe Research raised shares of Innovative Industrial Properties to a "hold" rating in a research note on Monday, September 23rd. Piper Sandler cut their price objective on Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating for the company in a report on Friday, November 8th. Roth Capital raised Innovative Industrial Properties to a "strong-buy" rating in a research report on Monday, November 11th. Finally, Compass Point upgraded Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 target price for the company in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $127.67.

Innovative Industrial Properties Company 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.