2,115 Shares in Innovative Industrial Properties, Inc. (NYSE:IIPR) Acquired by Cornerstone Investment Partners LLC

Cornerstone Investment Partners LLC purchased a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund purchased 2,115 shares of the company’s stock, valued at approximately $213,000.

A number of other large investors also recently added to or reduced their stakes in the business. Western Wealth Management LLC purchased a new position in Innovative Industrial Properties in the 4th quarter worth approximately $310,000. Investors Research Corp raised its holdings in shares of Innovative Industrial Properties by 2.6% during the 4th quarter. Investors Research Corp now owns 5,000 shares of the company’s stock worth $504,000 after acquiring an additional 125 shares in the last quarter. Sumitomo Mitsui Trust Holdings Inc. raised its holdings in shares of Innovative Industrial Properties by 5.5% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 33,085 shares of the company’s stock worth $3,336,000 after acquiring an additional 1,725 shares in the last quarter. Louisiana State Employees Retirement System purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $1,411,000. Finally, International Assets Investment Management LLC purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $14,952,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

IIPR has been the topic of several recent research reports. Piper Sandler upped their price objective on Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. TheStreet raised Innovative Industrial Properties from a “c+” rating to a “b-” rating in a report on Wednesday, January 10th. Four investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $92.67.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $94.26 on Friday. The stock’s fifty day moving average is $97.10 and its 200 day moving average is $89.96. Innovative Industrial Properties, Inc. has a fifty-two week low of $63.36 and a fifty-two week high of $105.81. The firm has a market capitalization of $2.66 billion, a PE ratio of 16.34 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a quick ratio of 14.22 and a current ratio of 14.22.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, February 26th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $2.07 by ($0.62). The company had revenue of $79.16 million for the quarter, compared to analysts’ expectations of $76.55 million. Innovative Industrial Properties had a net margin of 53.50% and a return on equity of 8.54%. On average, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.49 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $1.82 dividend. This represents a $7.28 annualized dividend and a yield of 7.72%. The ex-dividend date was Wednesday, March 27th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 126.17%.

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.