State of New Jersey Common Pension Fund D Takes $1.92 Million Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

State of New Jersey Common Pension Fund D purchased a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor purchased 17,546 shares of the company’s stock, valued at approximately $1,916,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Blue Trust Inc. lifted its position in shares of Innovative Industrial Properties by 2,085.7% during the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after acquiring an additional 438 shares in the last quarter. Signaturefd LLC lifted its holdings in Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after purchasing an additional 150 shares in the last quarter. GAMMA Investing LLC grew its holdings in Innovative Industrial Properties by 84.9% during the 1st quarter. GAMMA Investing LLC now owns 525 shares of the company’s stock valued at $54,000 after buying an additional 241 shares in the last quarter. Newbridge Financial Services Group Inc. grew its holdings in Innovative Industrial Properties by 251.0% during the 4th quarter. Newbridge Financial Services Group Inc. now owns 723 shares of the company’s stock valued at $73,000 after buying an additional 517 shares in the last quarter. Finally, Plato Investment Management Ltd bought a new stake in shares of Innovative Industrial Properties during the first quarter valued at about $80,000. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $134.91 on Friday. The firm has a market capitalization of $3.82 billion, a P/E ratio of 23.67 and a beta of 1.35. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15. The stock’s 50-day simple moving average is $122.16 and its two-hundred day simple moving average is $110.73. Innovative Industrial Properties, Inc. has a twelve month low of $69.08 and a twelve month high of $138.00.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The company had revenue of $79.79 million during the quarter, compared to analysts’ expectations of $77.18 million. During the same period in the prior year, the business earned $2.26 earnings per share. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.41 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 5.63%. The ex-dividend date of this dividend is Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is currently 133.33%.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Roth Mkm boosted their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Piper Sandler raised their price target 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.

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.