Louisiana State Employees Retirement System Takes $622,000 Position in Innovative Industrial Properties, Inc. $IIPR

Louisiana State Employees Retirement System bought a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm bought 12,400 shares of the company’s stock, valued at approximately $622,000.

Other large investors have also modified their holdings of the company. TrueMark Investments LLC purchased a new stake in Innovative Industrial Properties during the fourth quarter worth $982,000. Quinn Opportunity Partners LLC lifted its stake in shares of Innovative Industrial Properties by 62.2% during the 3rd quarter. Quinn Opportunity Partners LLC now owns 66,500 shares of the company’s stock worth $3,563,000 after purchasing an additional 25,500 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Innovative Industrial Properties by 110.4% during the 4th quarter. SG Americas Securities LLC now owns 24,928 shares of the company’s stock worth $1,181,000 after purchasing an additional 13,079 shares during the last quarter. Legal & General Group Plc boosted its position in Innovative Industrial Properties by 13.4% during the fourth quarter. Legal & General Group Plc now owns 193,926 shares of the company’s stock valued at $9,184,000 after purchasing an additional 22,926 shares in the last quarter. Finally, Brookwood Investment Group LLC purchased a new position in Innovative Industrial Properties in the fourth quarter valued at about $776,000. Institutional investors own 70.58% of the company’s stock.

Analysts Set New Price Targets

IIPR has been the subject of several analyst reports. Zacks Research lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Weiss Ratings raised shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $45.00.

Innovative Industrial Properties Stock Up 0.0%

Shares of IIPR stock opened at $61.86 on Wednesday. Innovative Industrial Properties, Inc. has a twelve month low of $44.58 and a twelve month high of $63.71. The stock has a market cap of $1.78 billion, a P/E ratio of 15.82 and a beta of 1.39. The stock has a 50 day moving average of $58.53 and a 200 day moving average of $53.43. The company has a current ratio of 6.06, a quick ratio of 6.06 and a debt-to-equity ratio of 0.20.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, May 4th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.05). The firm had revenue of $69.00 million during the quarter, compared to analysts’ expectations of $65.65 million. Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. The firm’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the firm posted $1.94 EPS. As a group, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 7.1 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a $1.90 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 12.3%. Innovative Industrial Properties’s payout ratio is currently 194.37%.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.