Summit Global Investments Purchases New Stake in Innovative Industrial Properties, Inc. $IIPR

Summit Global Investments acquired a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 3rd quarter, HoldingsChannel.com reports. The firm acquired 21,982 shares of the company’s stock, valued at approximately $1,178,000.

Several other institutional investors and hedge funds also recently bought and sold shares of IIPR. West Oak Capital LLC acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at about $27,000. Headlands Technologies LLC grew its position in Innovative Industrial Properties by 109.4% during the second quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock valued at $42,000 after purchasing an additional 396 shares in the last quarter. Pilgrim Partners Asia Pte Ltd acquired a new position in Innovative Industrial Properties in the 3rd quarter valued at approximately $53,000. Farther Finance Advisors LLC lifted its position in Innovative Industrial Properties by 77.5% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,390 shares of the company’s stock worth $74,000 after buying an additional 607 shares in the last quarter. Finally, Allworth Financial LP boosted its stake in shares of Innovative Industrial Properties by 3,578.3% during the 2nd quarter. Allworth Financial LP now owns 1,692 shares of the company’s stock valued at $93,000 after buying an additional 1,646 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Insiders Place Their Bets

In other news, Chairman Alan D. Gold bought 2,600 shares of the company’s stock in a transaction that occurred on Monday, November 24th. The shares were purchased at an average price of $49.09 per share, for a total transaction of $127,634.00. Following the acquisition, the chairman directly owned 2,600 shares of the company’s stock, valued at $127,634. The trade was a ? increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO David Jon Smith bought 600 shares of the business’s stock in a transaction on Thursday, November 20th. The shares were purchased at an average cost of $45.90 per share, with a total value of $27,540.00. Following the transaction, the chief financial officer owned 600 shares in the company, valued at approximately $27,540. The trade was a ? increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders purchased a total of 4,200 shares of company stock worth $201,434 over the last quarter. 2.00% of the stock is currently owned by company insiders.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $48.35 on Friday. The stock has a market capitalization of $1.35 billion, a P/E ratio of 11.46 and a beta of 1.46. The business has a 50-day moving average of $50.70 and a two-hundred day moving average of $52.34. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $75.71. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.75 and a quick ratio of 2.75.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data 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). Innovative Industrial Properties had a net margin of 45.80% and a return on equity of 6.77%. The company had revenue of $64.69 million during the quarter, compared to the consensus estimate of $63.72 million. During the same period in the previous year, the business posted $2.25 earnings per share. The firm’s revenue was down 15.4% on a year-over-year basis. On average, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 15.7%. The ex-dividend date of this dividend was Wednesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is currently 180.09%.

Analysts Set New Price Targets

Several brokerages recently issued reports on IIPR. Piper Sandler increased 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, November 5th. Weiss Ratings cut Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday. One research analyst has rated the stock with a Buy rating, two have issued a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $68.20.

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.