Roberts Glore & Co. Inc. IL Acquires 2,130 Shares of Innovative Industrial Properties, Inc. $IIPR

Roberts Glore & Co. Inc. IL lifted its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 56.1% during the 2nd quarter, HoldingsChannel reports. The fund owned 5,928 shares of the company’s stock after buying an additional 2,130 shares during the period. Roberts Glore & Co. Inc. IL’s holdings in Innovative Industrial Properties were worth $327,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also recently bought and sold shares of the stock. Flaharty Asset Management LLC acquired a new stake in Innovative Industrial Properties in the 1st quarter worth $27,000. AdvisorNet Financial Inc grew its position in Innovative Industrial Properties by 50.3% during the second quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock worth $31,000 after buying an additional 187 shares in the last quarter. SSA Swiss Advisors AG acquired a new stake in Innovative Industrial Properties during the first quarter worth about $33,000. Signaturefd LLC increased its stake in Innovative Industrial Properties by 49.7% during the first quarter. Signaturefd LLC now owns 756 shares of the company’s stock valued at $41,000 after acquiring an additional 251 shares during the period. Finally, Legend Financial Advisors Inc. acquired a new position in Innovative Industrial Properties in the 2nd quarter valued at approximately $44,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $51.44 on Friday. The stock has a market capitalization of $1.44 billion, a P/E ratio of 12.19 and a beta of 1.64. The company has a current ratio of 2.75, a quick ratio of 10.30 and a debt-to-equity ratio of 0.19. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $112.82. The firm has a 50 day moving average of $54.39 and a 200-day moving average of $54.60.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, November 3rd. The company reported $1.71 earnings per share for the quarter, missing analysts’ consensus estimates of $1.73 by ($0.02). The business had revenue of $64.69 million for the quarter, compared to analyst estimates of $63.72 million. Innovative Industrial Properties had a net margin of 45.80% and a return on equity of 6.77%. The company’s revenue for the quarter was down 15.4% on a year-over-year basis. During the same period in the prior year, the business earned $2.25 earnings per share. As a group, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 14.8%. The ex-dividend date was Tuesday, September 30th. Innovative Industrial Properties’s dividend payout ratio is currently 180.09%.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on IIPR. Piper Sandler lifted their price objective on Innovative Industrial Properties from $43.00 to $44.00 and gave the stock an “underweight” rating in a report on Wednesday. Weiss Ratings upgraded shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Saturday, October 25th. One analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $78.50.

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.