Wellington Management Group LLP increased its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 48.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 568,280 shares of the company's stock after purchasing an additional 185,855 shares during the period. Wellington Management Group LLP owned 2.01% of Innovative Industrial Properties worth $76,490,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Charles Schwab Investment Management Inc. raised its stake in Innovative Industrial Properties by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company's stock worth $61,563,000 after purchasing an additional 10,711 shares during the period. Bank of New York Mellon Corp increased its holdings in shares of 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 worth $36,774,000 after buying an additional 10,615 shares during the last quarter. 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 buying an additional 45,779 shares during the period. LSV Asset Management boosted its holdings in Innovative Industrial Properties by 21.0% in the second quarter. LSV Asset Management now owns 122,646 shares of the company's stock valued at $13,395,000 after acquiring an additional 21,273 shares during the last quarter. Finally, Oppenheimer & Co. Inc. grew its position in Innovative Industrial Properties by 0.6% during the second quarter. Oppenheimer & Co. Inc. now owns 75,696 shares of the company's stock valued at $8,268,000 after acquiring an additional 446 shares during the period. Hedge funds and other institutional investors own 70.58% of the company's stock.
Innovative Industrial Properties Stock Down 1.9 %
NYSE IIPR traded down $2.02 on Wednesday, reaching $104.33. The company had a trading volume of 287,265 shares, compared to its average volume of 203,274. 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 1 year low of $87.06 and a 1 year high of $138.35. The firm has a 50-day moving average of $119.64 and a 200-day moving average of $118.53. The firm has a market capitalization of $2.96 billion, a PE ratio of 18.94 and a beta of 1.31.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released 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). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. During the same period in the previous year, the business posted $2.29 earnings per share. Innovative Industrial Properties's revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.
Innovative Industrial Properties Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 7.28%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is 135.23%.
Wall Street Analysts Forecast Growth
IIPR has been the topic of several research analyst reports. Compass Point raised Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 price objective on the stock in a research note on Friday, November 8th. Roth Capital upgraded shares of Innovative Industrial Properties to a "strong-buy" rating in a report on Monday, November 11th. Piper Sandler decreased their price objective on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating for the company in a research note on Friday, November 8th. Finally, Wolfe Research raised shares of Innovative Industrial Properties to a "hold" rating in a research note on Monday, September 23rd. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $127.67.
Check Out Our Latest Report on Innovative Industrial Properties
Innovative Industrial Properties Profile
(
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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