Victory Capital Management Inc. boosted its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 23.4% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 36,784 shares of the company's stock after buying an additional 6,977 shares during the period. Victory Capital Management Inc. owned 0.13% of Innovative Industrial Properties worth $4,951,000 at the end of the most recent quarter.
Other large investors have also recently bought and sold shares of the company. USA Financial Formulas acquired a new stake in shares of Innovative Industrial Properties in the third quarter valued at $25,000. Blue Trust Inc. lifted its holdings in Innovative Industrial Properties by 2,085.7% in the 2nd 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 last quarter. Signaturefd LLC boosted its position in shares of Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company's stock valued at $55,000 after purchasing an additional 150 shares in the last quarter. Federated Hermes Inc. grew its stake in shares of Innovative Industrial Properties by 138.1% in the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company's stock worth $59,000 after purchasing an additional 312 shares during the last quarter. Finally, US Bancorp DE raised its holdings in shares of Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company's stock worth $59,000 after purchasing an additional 189 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company's stock.
Analyst Ratings Changes
A number of brokerages recently weighed in on IIPR. Piper Sandler reduced their target price on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating for the company in a report on Friday, November 8th. Compass Point raised Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 price objective for the company in a research note on Friday, November 8th. Roth Capital raised Innovative Industrial Properties to a "strong-buy" rating in a research report on Monday, November 11th. Finally, Wolfe Research upgraded Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Innovative Industrial Properties has an average rating of "Moderate Buy" and an average target price of $127.67.
Check Out Our Latest Research Report on Innovative Industrial Properties
Innovative Industrial Properties Trading Up 1.3 %
Innovative Industrial Properties stock traded up $1.35 during midday trading on Friday, reaching $107.12. The stock had a trading volume of 161,377 shares, compared to its average volume of 290,078. The firm's fifty day simple moving average is $125.93 and its two-hundred day simple moving average is $118.51. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. Innovative Industrial Properties, Inc. has a twelve month low of $78.10 and a twelve month high of $138.35. The firm has a market cap of $3.03 billion, a price-to-earnings ratio of 19.06 and a beta of 1.37.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly 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 business had revenue of $76.53 million for the quarter, compared to analysts' expectations of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business's quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.29 EPS. Equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.
Innovative Industrial Properties Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.09%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is 135.23%.
About Innovative Industrial Properties
(
Free Report)
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.
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