Massachusetts Financial Services Co. MA Has $4.10 Million Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Massachusetts Financial Services Co. MA lifted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 5.6% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 30,466 shares of the company’s stock after purchasing an additional 1,628 shares during the quarter. Massachusetts Financial Services Co. MA owned 0.11% of Innovative Industrial Properties worth $4,101,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the company. Intech Investment Management LLC raised its position in shares of Innovative Industrial Properties by 52.2% during the third quarter. Intech Investment Management LLC now owns 10,250 shares of the company’s stock worth $1,380,000 after purchasing an additional 3,515 shares during the period. Advisors Asset Management Inc. raised its position in Innovative Industrial Properties by 178.0% in the 3rd quarter. Advisors Asset Management Inc. now owns 1,248 shares of the company’s stock valued at $168,000 after buying an additional 799 shares during the last quarter. Quest Partners LLC purchased a new stake in Innovative Industrial Properties in the 3rd quarter valued at $95,000. Thrivent Financial for Lutherans raised its position in Innovative Industrial Properties by 1.1% in the 3rd quarter. Thrivent Financial for Lutherans now owns 48,539 shares of the company’s stock valued at $6,533,000 after buying an additional 505 shares during the last quarter. Finally, Chesapeake Capital Corp IL raised its position in Innovative Industrial Properties by 27.9% in the 3rd quarter. Chesapeake Capital Corp IL now owns 3,809 shares of the company’s stock valued at $517,000 after buying an additional 831 shares during the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Down 2.2 %

Shares of NYSE:IIPR opened at $109.36 on Wednesday. The company has a market capitalization of $3.10 billion, a PE ratio of 19.46 and a beta of 1.37. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The business has a fifty day moving average price of $125.51 and a two-hundred day moving average price of $118.70. Innovative Industrial Properties, Inc. has a 1 year low of $78.10 and a 1 year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The business had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.29 EPS. Analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current 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 paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 6.95%. Innovative Industrial Properties’s payout ratio is 135.23%.

Wall Street Analysts Forecast Growth

IIPR has been the subject of a number of analyst reports. Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a research report on Friday, November 8th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Finally, Piper Sandler lowered their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Two investment 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 stock. According to data from MarketBeat.com, Innovative Industrial Properties has an average rating of “Moderate Buy” and an average target price 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.