Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Acquired by SG Americas Securities LLC

SG Americas Securities LLC lifted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 660.7% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 57,199 shares of the company’s stock after buying an additional 49,680 shares during the period. SG Americas Securities LLC owned approximately 0.20% of Innovative Industrial Properties worth $3,094,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Bogart Wealth LLC acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter worth $27,000. GF Fund Management CO. LTD. acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter worth $34,000. Smartleaf Asset Management LLC increased its holdings in shares of Innovative Industrial Properties by 182.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after buying an additional 417 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter worth $50,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter worth $56,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $56.19 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The firm has a 50-day moving average of $54.12 and a two-hundred day moving average of $67.60. The stock has a market cap of $1.57 billion, a P/E ratio of 10.16 and a beta of 1.70. Innovative Industrial Properties, Inc. has a 1-year low of $45.44 and a 1-year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.12). The firm had revenue of $71.72 million during the quarter, compared to analysts’ expectations of $72.20 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business’s quarterly revenue was down 5.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.21 earnings per share. On average, research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 13.53%. Innovative Industrial Properties’s payout ratio is 146.15%.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on IIPR. Roth Mkm lowered their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, February 21st. Wolfe Research began coverage on Innovative Industrial Properties in a report on Wednesday, April 23rd. They issued an “outperform” rating and a $57.00 price target for the company. Compass Point reiterated a “sell” rating and issued a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Piper Sandler lowered their price target on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a report on Tuesday, April 15th. Finally, Industrial Alliance Securities reiterated a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $78.67.

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.