8,925 Shares in Innovative Industrial Properties, Inc. $IIPR Purchased by Quantbot Technologies LP

Quantbot Technologies LP purchased a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,925 shares of the company’s stock, valued at approximately $553,000.

Other hedge funds have also recently bought and sold shares of the company. PNC Financial Services Group Inc. raised its stake in shares of Innovative Industrial Properties by 6.1% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,173 shares of the company’s stock worth $159,000 after purchasing an additional 182 shares in the last quarter. Daiwa Securities Group Inc. increased its holdings in Innovative Industrial Properties by 2.1% during the second quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company’s stock worth $545,000 after buying an additional 207 shares during the last quarter. Allworth Financial LP raised its position in Innovative Industrial Properties by 4.6% during the fourth quarter. Allworth Financial LP now owns 4,714 shares of the company’s stock worth $223,000 after acquiring an additional 208 shares in the last quarter. PFG Investments LLC raised its position in Innovative Industrial Properties by 3.3% during the first quarter. PFG Investments LLC now owns 7,300 shares of the company’s stock worth $366,000 after acquiring an additional 231 shares in the last quarter. Finally, Freestone Grove Partners LP lifted its stake in Innovative Industrial Properties by 2.0% in the fourth quarter. Freestone Grove Partners LP now owns 12,467 shares of the company’s stock valued at $590,000 after acquiring an additional 250 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR opened at $56.47 on Friday. The company has a debt-to-equity ratio of 0.35, a current ratio of 24.51 and a quick ratio of 24.51. The firm has a market cap of $1.56 billion, a price-to-earnings ratio of 12.80 and a beta of 1.38. The stock’s fifty day moving average price is $60.38 and its two-hundred day moving average price is $56.06. Innovative Industrial Properties, Inc. has a one year low of $44.58 and a one year high of $65.38.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, August 3rd. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.02 by $0.34. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. The business had revenue of $63.31 million for the quarter, compared to the consensus estimate of $67.09 million. On average, equities analysts forecast that Innovative Industrial Properties, Inc. will post 7.15 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.5%. The ex-dividend date was Tuesday, June 30th. Innovative Industrial Properties’s dividend payout ratio is presently 172.34%.

Analyst Ratings Changes

A number of brokerages have recently commented on IIPR. Zacks Research downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Piper Sandler raised their target price on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the company an “underweight” rating in a research note on Tuesday, July 21st. Finally, Weiss Ratings upgraded Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Reduce” and a consensus price target of $48.00.

Innovative Industrial Properties 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.