Beck Capital Management LLC Purchases 2,840 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Beck Capital Management LLC increased its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 5.7% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,550 shares of the company’s stock after acquiring an additional 2,840 shares during the quarter. Innovative Industrial Properties comprises about 1.9% of Beck Capital Management LLC’s investment portfolio, making the stock its 12th biggest holding. Beck Capital Management LLC’s holdings in Innovative Industrial Properties were worth $7,073,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also made changes to their positions in IIPR. CWA Asset Management Group LLC purchased a new stake in Innovative Industrial Properties during the third quarter valued at approximately $713,000. Versor Investments LP increased its position in shares of Innovative Industrial Properties by 98.3% during the 3rd quarter. Versor Investments LP now owns 12,227 shares of the company’s stock valued at $1,646,000 after purchasing an additional 6,062 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Innovative Industrial Properties by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after acquiring an additional 10,711 shares during the last quarter. Prevail Innovative Wealth Advisors LLC lifted its stake in Innovative Industrial Properties by 30.0% in the second quarter. Prevail Innovative Wealth Advisors LLC now owns 25,689 shares of the company’s stock worth $2,806,000 after purchasing an additional 5,926 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its stake in shares of Innovative Industrial Properties by 97.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 48,034 shares of the company’s stock worth $5,246,000 after acquiring an additional 23,709 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Analysts Set New Price Targets

IIPR has been the subject of a number of research analyst reports. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research note on Friday, November 8th. Piper Sandler dropped their price target on 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 Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of “Moderate Buy” and an average target price of $127.67.

Innovative Industrial Properties Stock Down 0.1 %

Shares of IIPR opened at $109.02 on Monday. The company has a market capitalization of $3.09 billion, a PE ratio of 19.40 and a beta of 1.37. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The stock has a fifty day simple moving average of $123.47 and a two-hundred day simple moving average of $118.73. Innovative Industrial Properties, Inc. has a 52-week low of $80.24 and a 52-week high of $138.35.

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

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 6.97%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s payout ratio is 135.23%.

About Innovative Industrial Properties

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.