L & S Advisors Inc Invests $2.96 Million in Innovative Industrial Properties, Inc. (NYSE:IIPR)

L & S Advisors Inc acquired a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 3rd quarter, HoldingsChannel.com reports. The fund acquired 21,964 shares of the company’s stock, valued at approximately $2,956,000.

Several other hedge funds have also recently bought and sold shares of IIPR. Vanguard Group Inc. raised its position in shares of Innovative Industrial Properties by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock worth $456,705,000 after buying an additional 28,111 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Innovative Industrial Properties by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after buying an additional 10,615 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Innovative Industrial Properties by 16.2% during the 2nd 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. Tidal Investments LLC raised its position in shares of Innovative Industrial Properties by 1,465.1% during the 1st 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. Finally, LSV Asset Management grew its stake in shares of Innovative Industrial Properties by 21.0% in the 2nd quarter. LSV Asset Management now owns 122,646 shares of the company’s stock worth $13,395,000 after purchasing an additional 21,273 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Stock Performance

Innovative Industrial Properties stock opened at $105.27 on Thursday. The firm’s 50 day simple moving average is $126.79 and its 200-day simple moving average is $118.61. Innovative Industrial Properties, Inc. has a fifty-two week low of $78.10 and a fifty-two week high of $138.35. The company has a market cap of $2.98 billion, a P/E ratio of 18.73 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.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates 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 company had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. During the same period in the previous year, the firm posted $2.29 earnings per share. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities research analysts predict 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. Shareholders of record on Monday, September 30th were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 7.22%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Wall Street Analyst Weigh In

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

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.