Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Purchased by Penserra Capital Management LLC

Penserra Capital Management LLC boosted its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.0% during the third quarter, Holdings Channel.com reports. The institutional investor owned 26,672 shares of the company’s stock after buying an additional 272 shares during the period. Penserra Capital Management LLC’s holdings in Innovative Industrial Properties were worth $3,589,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IIPR. USA Financial Formulas acquired a new stake in Innovative Industrial Properties in the third quarter valued at approximately $25,000. Blue Trust Inc. increased its position in shares of Innovative Industrial Properties by 2,085.7% in the 2nd 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 shares of Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Innovative Industrial Properties by 138.1% in the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after purchasing an additional 312 shares in the last quarter. Finally, US Bancorp DE grew its stake in shares of Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after purchasing an additional 189 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have weighed in on the company. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Piper Sandler decreased their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. 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 report on Friday, November 8th. Finally, Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Innovative Industrial Properties has an average rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties Stock Up 4.5 %

Innovative Industrial Properties stock opened at $111.89 on Tuesday. The company has a market capitalization of $3.17 billion, a P/E ratio of 19.91 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 fifty-two week low of $78.10 and a fifty-two week high of $138.35. The stock has a 50-day simple moving average of $125.93 and a 200-day simple moving average of $118.65.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data 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). The firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. Innovative Industrial Properties’s revenue was down 1.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.29 earnings per share. Equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

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

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.