Legal & General Group Plc Has $9.18 Million Holdings in Innovative Industrial Properties, Inc. $IIPR

Legal & General Group Plc boosted its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 13.4% during the fourth quarter, Holdings Channel.com reports. The institutional investor owned 193,926 shares of the company’s stock after acquiring an additional 22,926 shares during the quarter. Legal & General Group Plc’s holdings in Innovative Industrial Properties were worth $9,184,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently bought and sold shares of IIPR. International Assets Investment Management LLC acquired a new position in Innovative Industrial Properties during the fourth quarter worth approximately $25,000. FNY Investment Advisers LLC acquired a new position in Innovative Industrial Properties during the third quarter worth approximately $32,000. Advisory Services Network LLC acquired a new position in shares of Innovative Industrial Properties in the third quarter valued at approximately $34,000. Huntington National Bank grew its position in shares of Innovative Industrial Properties by 110.6% in the third quarter. Huntington National Bank now owns 697 shares of the company’s stock valued at $37,000 after purchasing an additional 366 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Innovative Industrial Properties by 33.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 819 shares of the company’s stock valued at $39,000 after purchasing an additional 205 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analyst Ratings Changes

IIPR has been the topic of several research reports. Piper Sandler upped their target price on Innovative Industrial Properties from $44.00 to $45.00 and gave the company an “underweight” rating in a research report on Wednesday, February 25th. Zacks Research downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Compass Point raised Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 target price on the stock in a research report on Tuesday, March 3rd. Finally, Weiss Ratings raised Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $45.00.

Innovative Industrial Properties Trading Up 1.7%

Shares of IIPR stock opened at $58.26 on Friday. The stock’s fifty day moving average price is $54.22 and its two-hundred day moving average price is $51.80. The company has a market cap of $1.68 billion, a PE ratio of 14.90 and a beta of 1.42. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $61.40. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.06 and a current ratio of 6.06.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results 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). Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. The business had revenue of $69.00 million during the quarter, compared to analyst estimates of $65.65 million. During the same period in the prior year, the business posted $1.94 EPS. The company’s revenue for the quarter was down 3.1% compared to the same quarter last year. Equities analysts predict that Innovative Industrial Properties, Inc. will post 7.1 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 13.0%. The ex-dividend date of this dividend was Tuesday, March 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 194.37%.

About Innovative Industrial Properties

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.