Vanguard Personalized Indexing Management LLC Takes $239,000 Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Vanguard Personalized Indexing Management LLC bought a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 2,191 shares of the company’s stock, valued at approximately $239,000.

Several other institutional investors have also modified their holdings of IIPR. Pinebridge Investments L.P. purchased a new position in shares of Innovative Industrial Properties during the 4th quarter valued at approximately $763,000. LSV Asset Management grew its holdings in Innovative Industrial Properties by 124.4% during the 1st quarter. LSV Asset Management now owns 101,373 shares of the company’s stock worth $10,496,000 after acquiring an additional 56,200 shares in the last quarter. Prevail Innovative Wealth Advisors LLC bought a new stake in shares of Innovative Industrial Properties in the 1st quarter worth about $2,046,000. SG Americas Securities LLC raised its stake in shares of Innovative Industrial Properties by 75.7% in the 1st quarter. SG Americas Securities LLC now owns 19,573 shares of the company’s stock valued at $2,027,000 after purchasing an additional 8,436 shares in the last quarter. Finally, Texas Permanent School Fund Corp lifted its position in shares of Innovative Industrial Properties by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 24,540 shares of the company’s stock worth $2,541,000 after purchasing an additional 328 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analyst Upgrades and Downgrades

IIPR has been the topic of several research reports. Roth Mkm upped their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Finally, Piper Sandler raised their price objective on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. Three research analysts have rated the stock with a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of “Hold” and a consensus target price of $130.00.

Innovative Industrial Properties Price Performance

Shares of IIPR opened at $135.82 on Monday. Innovative Industrial Properties, Inc. has a 12 month low of $69.08 and a 12 month high of $138.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 18.06 and a quick ratio of 18.06. The stock has a fifty day moving average price of $123.79 and a 200 day moving average price of $112.17. The company has a market cap of $3.85 billion, a P/E ratio of 23.83 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results 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 for 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 firm’s revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.26 EPS. On average, research analysts forecast that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 5.60%. The ex-dividend date is Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is presently 133.33%.

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.