Zurcher Kantonalbank Zurich Cantonalbank Invests $96,000 in Innovative Industrial Properties Inc (NYSE:IIPR)

Zurcher Kantonalbank Zurich Cantonalbank purchased a new position in shares of Innovative Industrial Properties Inc (NYSE:IIPR) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 773 shares of the company’s stock, valued at approximately $96,000.

Several other hedge funds have also modified their holdings of IIPR. Penserra Capital Management LLC acquired a new position in shares of Innovative Industrial Properties during the first quarter worth $4,807,000. Crown Advisors Management Inc. acquired a new position in shares of Innovative Industrial Properties in the 1st quarter valued at $3,676,000. CIBC World Markets Inc. acquired a new position in shares of Innovative Industrial Properties in the 1st quarter valued at $2,580,000. Amundi Pioneer Asset Management Inc. increased its position in shares of Innovative Industrial Properties by 8,478.5% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 17,157 shares of the company’s stock valued at $1,401,000 after acquiring an additional 16,957 shares during the period. Finally, Rhumbline Advisers increased its position in shares of Innovative Industrial Properties by 120.9% in the 1st quarter. Rhumbline Advisers now owns 29,692 shares of the company’s stock valued at $2,426,000 after acquiring an additional 16,252 shares during the period. 53.71% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE IIPR traded down $6.34 during mid-day trading on Thursday, hitting $106.35. The stock had a trading volume of 23,213 shares, compared to its average volume of 479,128. Innovative Industrial Properties Inc has a twelve month low of $37.55 and a twelve month high of $139.53. The company has a debt-to-equity ratio of 0.53, a quick ratio of 51.96 and a current ratio of 51.96. The firm has a market cap of $1.25 billion, a PE ratio of 79.72 and a beta of 2.01. The company has a 50 day moving average of $114.14 and a two-hundred day moving average of $92.75.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, August 7th. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.18). Innovative Industrial Properties had a net margin of 47.83% and a return on equity of 5.17%. The business had revenue of $8.62 billion during the quarter, compared to analysts’ expectations of $8.37 million. During the same period in the previous year, the company posted $0.31 earnings per share. Innovative Industrial Properties’s revenue for the quarter was up 160.0% compared to the same quarter last year. Equities research analysts predict that Innovative Industrial Properties Inc will post 2.58 EPS for the current fiscal year.

IIPR has been the topic of several research reports. TheStreet downgraded Innovative Industrial Properties from a “b-” rating to a “c” rating in a research report on Wednesday, August 7th. ValuEngine downgraded Innovative Industrial Properties from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. BTIG Research upped their target price on Innovative Industrial Properties to $148.00 and gave the company a “buy” rating in a research report on Thursday, June 20th. Finally, Zacks Investment Research raised Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $119.00 target price on the stock in a research report on Friday, August 9th. Two analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $91.25.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.

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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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