Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Bought by AQR Capital Management LLC

AQR Capital Management LLC boosted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 25.0% in the 2nd quarter, HoldingsChannel reports. The fund owned 3,188 shares of the company’s stock after acquiring an additional 637 shares during the period. AQR Capital Management LLC’s holdings in Innovative Industrial Properties were worth $348,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of IIPR. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Innovative Industrial Properties by 90.6% in the 4th quarter. B. Riley Wealth Advisors Inc. now owns 5,861 shares of the company’s stock valued at $597,000 after buying an additional 2,786 shares in the last quarter. PNC Financial Services Group Inc. boosted its holdings in shares of Innovative Industrial Properties by 91.1% in the 4th quarter. PNC Financial Services Group Inc. now owns 3,014 shares of the company’s stock valued at $304,000 after buying an additional 1,437 shares in the last quarter. GAMMA Investing LLC boosted its holdings in shares of Innovative Industrial Properties by 84.9% in 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. Future Financial Wealth Managment LLC acquired a new position in shares of Innovative Industrial Properties in the 1st quarter valued at $104,000. Finally, Harbour Capital Advisors LLC acquired a new position in shares of Innovative Industrial Properties in the 1st quarter valued at $311,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on IIPR shares. Piper Sandler upped their target price 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. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Finally, Roth Mkm upped their price target on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 22nd.

Innovative Industrial Properties Stock Up 1.4 %

IIPR stock opened at $135.64 on Thursday. The company has a fifty day moving average price of $126.48 and a 200 day moving average price of $114.76. Innovative Industrial Properties, Inc. has a 12 month low of $69.08 and a 12 month high of $138.35. The company has a market cap of $3.84 billion, a price-to-earnings ratio of 23.80 and a beta of 1.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 18.06 and a quick ratio of 18.06.

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). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The business had revenue of $79.79 million during the quarter, compared to analysts’ expectations of $77.18 million. During the same quarter last year, the company earned $2.26 EPS. The firm’s revenue for the quarter was up 4.4% compared to the same quarter last year. Sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 5.60%. Innovative Industrial Properties’s 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.