Martingale Asset Management L P Acquires 10,127 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Martingale Asset Management L P raised its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 62.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 26,396 shares of the company’s stock after buying an additional 10,127 shares during the period. Martingale Asset Management L P owned 0.09% of Innovative Industrial Properties worth $3,553,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Charles Schwab Investment Management Inc. raised its position in shares of Innovative Industrial Properties by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock valued at $61,563,000 after purchasing an additional 10,711 shares during the period. Bank of New York Mellon Corp raised its position in shares of Innovative Industrial Properties by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock valued at $36,774,000 after purchasing an additional 10,615 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after purchasing an additional 45,779 shares during the period. LSV Asset Management raised its position in shares of Innovative Industrial Properties by 21.0% in the second quarter. LSV Asset Management now owns 122,646 shares of the company’s stock valued at $13,395,000 after purchasing an additional 21,273 shares during the period. Finally, Oppenheimer & Co. Inc. raised its position in shares of Innovative Industrial Properties by 0.6% in the second quarter. Oppenheimer & Co. Inc. now owns 75,696 shares of the company’s stock valued at $8,268,000 after purchasing an additional 446 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock opened at $109.17 on Friday. The company’s fifty day simple moving average is $123.47 and its 200-day simple moving average is $118.63. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 19.43 and a beta of 1.37. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 1 year low of $80.24 and a 1 year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. During the same quarter in the prior year, the firm earned $2.29 EPS. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. As a group, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current 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 paid a dividend of $1.90 per share. The ex-dividend date was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 6.96%. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on IIPR. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. 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. Finally, Compass Point upgraded 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. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $127.67.

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.