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Pensionfund DSM Netherlands boosted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) by 20.5% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,800 shares of the company’s stock after purchasing an additional 1,500 shares during the period. Pensionfund DSM Netherlands’ holdings in Innovative Industrial Properties were worth $669,000 at the end of the most recent reporting period.
A number of other large investors have also added to or reduced their stakes in the company. Lazard Asset Management LLC grew its holdings in Innovative Industrial Properties by 112.9% during the 1st quarter. Lazard Asset Management LLC now owns 396 shares of the company’s stock worth $81,000 after acquiring an additional 210 shares in the last quarter. Heritage Wealth Management LLC boosted its holdings in shares of Innovative Industrial Properties by 100.0% in the 4th quarter. Heritage Wealth Management LLC now owns 460 shares of the company’s stock valued at $47,000 after buying an additional 230 shares during the period. CENTRAL TRUST Co boosted its holdings in shares of Innovative Industrial Properties by 4,545.5% in the 4th quarter. CENTRAL TRUST Co now owns 511 shares of the company’s stock valued at $52,000 after buying an additional 500 shares during the period. Centaurus Financial Inc. boosted its holdings in shares of Innovative Industrial Properties by 61.4% in the 1st quarter. Centaurus Financial Inc. now owns 649 shares of the company’s stock valued at $133,000 after buying an additional 247 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Innovative Industrial Properties by 63.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 682 shares of the company’s stock valued at $69,000 after buying an additional 264 shares during the period. 73.71% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several research firms have recently commented on IIPR. Piper Sandler decreased their price target on shares of Innovative Industrial Properties from $97.00 to $80.00 in a report on Wednesday, May 31st. TheStreet lowered shares of Innovative Industrial Properties from a “b-” rating to a “c+” rating in a report on Monday, February 27th. Craig Hallum lowered shares of Innovative Industrial Properties from a “buy” rating to a “hold” rating and decreased their price target for the company from $125.00 to $80.00 in a report on Wednesday, May 10th. StockNews.com began coverage on shares of Innovative Industrial Properties in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Finally, Compass Point cut their price objective on shares of Innovative Industrial Properties to $100.00 in a research report on Wednesday, May 17th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $126.50.
Innovative Industrial Properties Stock Up 1.6 %
IIPR stock opened at $73.80 on Friday. Innovative Industrial Properties, Inc. has a 52 week low of $63.36 and a 52 week high of $125.38. The company has a market capitalization of $2.07 billion, a price-to-earnings ratio of 13.11 and a beta of 1.59. The firm’s 50-day moving average is $69.55 and its two-hundred day moving average is $85.54. The company has a current ratio of 17.70, a quick ratio of 17.70 and a debt-to-equity ratio of 0.15.
Innovative Industrial Properties (NYSE:IIPR – Get Rating) last released its quarterly earnings results on Monday, May 8th. The company reported $1.43 EPS for the quarter, missing analysts’ consensus estimates of $1.89 by ($0.46). Innovative Industrial Properties had a return on equity of 8.22% and a net margin of 55.72%. The company had revenue of $76.07 million for the quarter, compared to the consensus estimate of $70.80 million. On average, analysts forecast that Innovative Industrial Properties, Inc. will post 7.98 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 Friday, July 14th. Shareholders of record on Friday, June 30th will be given a dividend of $1.80 per share. The ex-dividend date of this dividend is Thursday, June 29th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 9.76%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 127.89%.
Innovative Industrial Properties 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.
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