New York State Teachers Retirement System Lowers Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

New York State Teachers Retirement System trimmed its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 0.6% during the 3rd quarter, Holdings Channel reports. The fund owned 48,771 shares of the company’s stock after selling 300 shares during the period. New York State Teachers Retirement System’s holdings in Innovative Industrial Properties were worth $6,565,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the business. USA Financial Formulas purchased a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at $25,000. Blue Trust Inc. grew its stake in Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after purchasing an additional 438 shares during the last quarter. Signaturefd LLC raised its holdings in Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after purchasing an additional 150 shares in the last quarter. Federated Hermes Inc. lifted its position in shares of Innovative Industrial Properties by 138.1% during the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after buying an additional 312 shares during the last quarter. Finally, Plato Investment Management Ltd purchased a new position in shares of Innovative Industrial Properties in the 1st quarter worth approximately $80,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $130.63 on Tuesday. Innovative Industrial Properties, Inc. has a 12-month low of $73.04 and a 12-month high of $138.35. The company has a market capitalization of $3.70 billion, a P/E ratio of 22.92 and a beta of 1.37. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $130.20 and its two-hundred day moving average is $118.04.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly 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). The business had revenue of $79.79 million during the quarter, compared to analysts’ expectations 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 quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.26 earnings per share. Analysts expect that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $1.90 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 5.82%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 133.33%.

Analyst Upgrades and Downgrades

IIPR has been the topic of a number of recent analyst reports. Roth Mkm upped their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report 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 increased their price target on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, August 9th.

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.