Pacer Advisors Inc. boosted its holdings in Innovative Industrial Properties Inc (NYSE:IIPR) by 36.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 32,702 shares of the company’s stock after buying an additional 8,809 shares during the period. Pacer Advisors Inc. owned 0.15% of Innovative Industrial Properties worth $2,878,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of the business. BlackRock Inc. boosted its stake in Innovative Industrial Properties by 40.3% in the 1st quarter. BlackRock Inc. now owns 2,752,628 shares of the company’s stock worth $209,007,000 after buying an additional 791,364 shares during the last quarter. Zimmer Partners LP purchased a new position in shares of Innovative Industrial Properties in the 1st quarter worth about $64,351,000. State Street Corp raised its holdings in shares of Innovative Industrial Properties by 62.3% in the 1st quarter. State Street Corp now owns 699,399 shares of the company’s stock worth $53,753,000 after purchasing an additional 268,424 shares during the period. TimesSquare Capital Management LLC raised its holdings in shares of Innovative Industrial Properties by 4.5% in the 1st quarter. TimesSquare Capital Management LLC now owns 584,890 shares of the company’s stock worth $44,411,000 after purchasing an additional 25,065 shares during the period. Finally, Weiss Multi Strategy Advisers LLC raised its holdings in shares of Innovative Industrial Properties by 148.9% in the 1st quarter. Weiss Multi Strategy Advisers LLC now owns 449,656 shares of the company’s stock worth $34,142,000 after purchasing an additional 269,009 shares during the period. 70.32% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:IIPR opened at $104.23 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 292.08 and a current ratio of 292.08. Innovative Industrial Properties Inc has a one year low of $40.21 and a one year high of $115.82. The business’s 50-day simple moving average is $93.61 and its 200 day simple moving average is $84.88. The company has a market cap of $2.22 billion, a P/E ratio of 27.79 and a beta of 1.31.
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $1.06 per share. The ex-dividend date of this dividend was Monday, June 29th. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.00. This represents a $4.24 annualized dividend and a yield of 4.07%. Innovative Industrial Properties’s payout ratio is currently 129.66%.
A number of equities analysts have recently commented on IIPR shares. LADENBURG THALM/SH SH raised their price objective on Innovative Industrial Properties from $83.50 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Zacks Investment Research downgraded Innovative Industrial Properties from a “buy” rating to a “hold” rating in a report on Thursday, May 28th. Roth Capital raised their target price on Innovative Industrial Properties from $110.00 to $120.00 in a report on Monday, July 6th. Compass Point raised their target price on Innovative Industrial Properties from $75.00 to $100.00 and gave the company a “buy” rating in a report on Thursday, May 21st. Finally, JMP Securities initiated coverage on Innovative Industrial Properties in a report on Tuesday, July 28th. They set an “outperform” rating and a $120.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $104.67.
Innovative Industrial Properties Company Profile
Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized 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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