Swiss National Bank Has $7.46 Million Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Swiss National Bank trimmed its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 0.2% during the third quarter, Holdings Channel.com reports. The firm owned 55,400 shares of the company’s stock after selling 100 shares during the period. Swiss National Bank’s holdings in Innovative Industrial Properties were worth $7,457,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of IIPR. Tidal Investments LLC grew its holdings in Innovative Industrial Properties by 1,465.1% during the first quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock worth $24,532,000 after buying an additional 221,791 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after buying an additional 45,779 shares in the last quarter. Jupiter Asset Management Ltd. grew its holdings in Innovative Industrial Properties by 279.1% during the second quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock worth $5,171,000 after buying an additional 34,854 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in Innovative Industrial Properties by 97.5% during the second quarter. Thrivent Financial for Lutherans now owns 48,034 shares of the company’s stock worth $5,246,000 after buying an additional 23,709 shares in the last quarter. Finally, Edgestream Partners L.P. grew its holdings in Innovative Industrial Properties by 461.0% during the second quarter. Edgestream Partners L.P. now owns 26,888 shares of the company’s stock worth $2,937,000 after buying an additional 22,095 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

Shares of IIPR opened at $111.89 on Tuesday. The stock’s 50-day simple moving average is $125.93 and its 200 day simple moving average is $118.65. The stock has a market capitalization of $3.17 billion, a price-to-earnings ratio of 20.01 and a beta of 1.37. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. Innovative Industrial Properties, Inc. has a 52-week low of $78.10 and a 52-week high of $138.35.

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

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.90 dividend. The ex-dividend date was Monday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 6.79%. Innovative Industrial Properties’s payout ratio is currently 135.23%.

Wall Street Analyst Weigh In

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

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.