Harbour Capital Advisors LLC Invests $311,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Harbour Capital Advisors LLC purchased a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 1st quarter, HoldingsChannel.com reports. The firm purchased 3,135 shares of the company’s stock, valued at approximately $311,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. GAMMA Investing LLC bought a new position in Innovative Industrial Properties in the fourth quarter worth approximately $26,000. Benjamin F. Edwards & Company Inc. bought a new position in Innovative Industrial Properties in the fourth quarter worth approximately $30,000. FNY Investment Advisers LLC bought a new position in Innovative Industrial Properties in the fourth quarter worth approximately $40,000. Independence Bank of Kentucky grew its stake in Innovative Industrial Properties by 82.9% in the fourth quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock worth $65,000 after purchasing an additional 290 shares in the last quarter. Finally, Newbridge Financial Services Group Inc. grew its stake in Innovative Industrial Properties by 251.0% in the fourth quarter. Newbridge Financial Services Group Inc. now owns 723 shares of the company’s stock worth $73,000 after purchasing an additional 517 shares in the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Down 0.7 %

Shares of NYSE:IIPR opened at $109.29 on Friday. Innovative Industrial Properties, Inc. has a 52-week low of $69.08 and a 52-week high of $115.75. The stock has a market cap of $3.10 billion, a P/E ratio of 19.17 and a beta of 1.51. The business’s 50 day moving average is $107.14 and its 200 day moving average is $100.19. The company has a quick ratio of 14.27, a current ratio of 14.27 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $1.36 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.10 by ($0.74). The firm had revenue of $75.45 million during the quarter, compared to the consensus estimate of $79.65 million. Innovative Industrial Properties had a return on equity of 8.46% and a net margin of 53.07%. Sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.5 EPS for the current year.

Innovative Industrial Properties Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 6.95%. The ex-dividend date is Thursday, June 27th. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.82. Innovative Industrial Properties’s dividend payout ratio (DPR) is 133.33%.

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.