Algert Global LLC Acquires Shares of 2,842 Innovative Industrial Properties, Inc. (NYSE:IIPR)

Algert Global LLC bought a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 2,842 shares of the company’s stock, valued at approximately $310,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Mackenzie Financial Corp acquired a new stake in Innovative Industrial Properties during the second quarter valued at $238,000. The Manufacturers Life Insurance Company grew its position in shares of Innovative Industrial Properties by 5.0% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 23,353 shares of the company’s stock valued at $2,551,000 after acquiring an additional 1,106 shares during the period. AQR Capital Management LLC grew its position in shares of Innovative Industrial Properties by 25.0% during the 2nd quarter. AQR Capital Management LLC now owns 3,188 shares of the company’s stock valued at $348,000 after acquiring an additional 637 shares during the period. Bank of Montreal Can increased its stake in shares of Innovative Industrial Properties by 22.4% in the 2nd quarter. Bank of Montreal Can now owns 4,435 shares of the company’s stock valued at $487,000 after purchasing an additional 813 shares in the last quarter. Finally, Public Sector Pension Investment Board raised its holdings in Innovative Industrial Properties by 8.4% in the 2nd quarter. Public Sector Pension Investment Board now owns 62,283 shares of the company’s stock worth $6,803,000 after purchasing an additional 4,802 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several analysts have commented on IIPR shares. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Roth Mkm boosted their price target on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, Piper Sandler upped their price objective on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th.

Innovative Industrial Properties Trading Up 0.1 %

IIPR stock opened at $129.51 on Wednesday. The business’s 50-day moving average is $125.14 and its 200 day moving average is $113.78. Innovative Industrial Properties, Inc. has a 12-month low of $69.08 and a 12-month high of $138.35. The stock has a market cap of $3.67 billion, a price-to-earnings ratio of 22.72 and a beta of 1.35. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). The firm had revenue of $79.79 million during the quarter, compared to analyst estimates of $77.18 million. Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The business’s revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.26 earnings per share. On average, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared 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 annualized dividend and a dividend yield of 5.87%. The ex-dividend date is Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is currently 133.33%.

Innovative Industrial Properties 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.