Western Wealth Management LLC Boosts Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Western Wealth Management LLC boosted its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 15.1% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,449 shares of the company’s stock after buying an additional 978 shares during the quarter. Western Wealth Management LLC’s holdings in Innovative Industrial Properties were worth $814,000 at the end of the most recent quarter.

Other large investors have also recently bought and sold shares of the company. Norges Bank acquired a new position in Innovative Industrial Properties in the fourth quarter valued at $31,116,000. Tidal Investments LLC boosted its stake in Innovative Industrial Properties by 1,465.1% in the first quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock valued at $24,532,000 after acquiring an additional 221,791 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Innovative Industrial Properties in the fourth quarter valued at $14,952,000. Dimensional Fund Advisors LP boosted its stake in Innovative Industrial Properties by 57.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 202,637 shares of the company’s stock valued at $20,430,000 after acquiring an additional 74,289 shares in the last quarter. Finally, LSV Asset Management boosted its stake in Innovative Industrial Properties by 124.4% in the first quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after acquiring an additional 56,200 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on IIPR shares. Roth Mkm upped 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 increased their target price on shares of 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 equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $118.33.

Innovative Industrial Properties Price Performance

Shares of IIPR opened at $119.53 on Tuesday. Innovative Industrial Properties, Inc. has a fifty-two week low of $69.08 and a fifty-two week high of $125.44. The company has a market capitalization of $3.39 billion, a price-to-earnings ratio of 20.97 and a beta of 1.37. The firm has a 50-day simple moving average of $114.02 and a 200-day simple moving average of $105.26. The company has a debt-to-equity ratio of 0.15, a quick ratio of 14.27 and a current ratio of 14.27.

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 the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.46% and a net margin of 53.07%. The business had revenue of $79.79 million for the quarter, compared to analyst estimates of $77.18 million. During the same quarter last year, the company posted $2.26 EPS. Innovative Industrial Properties’s quarterly revenue was up 4.4% on a year-over-year basis. On average, equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.38 earnings per share for the current year.

Innovative Industrial Properties Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a dividend of $1.90 per share. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.82. This represents a $7.60 annualized dividend and a yield of 6.36%. The ex-dividend date of this dividend was Thursday, June 27th. Innovative Industrial Properties’s dividend payout ratio is currently 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.