KBC Group NV Boosts Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

KBC Group NV increased its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 28.2% during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 940 shares of the company’s stock after acquiring an additional 207 shares during the quarter. KBC Group NV’s holdings in Innovative Industrial Properties were worth $127,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently bought and sold shares of IIPR. USA Financial Formulas purchased a new stake in Innovative Industrial Properties during the 3rd quarter worth $25,000. US Bancorp DE boosted its position in shares of Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after buying an additional 189 shares during the period. Blue Trust Inc. grew its stake in shares of 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 buying an additional 438 shares in the last quarter. Signaturefd LLC raised its holdings in shares of Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after buying an additional 150 shares during the period. Finally, Federated Hermes Inc. raised its holdings in shares of Innovative Industrial Properties by 138.1% during the 2nd 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 period. 70.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on IIPR. Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research report on Friday, November 8th. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Piper Sandler dropped their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Finally, Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties Stock Up 0.4 %

Shares of NYSE:IIPR opened at $105.77 on Friday. The firm has a market cap of $3.00 billion, a PE ratio of 18.89 and a beta of 1.37. The company has a fifty day simple moving average of $126.79 and a 200 day simple moving average of $118.61. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 12-month low of $78.10 and a 12-month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same period in the previous year, the business posted $2.29 EPS. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 7.19%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

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.