Hsbc Holdings PLC Invests $3.46 Million in Innovative Industrial Properties, Inc. $IIPR

Hsbc Holdings PLC acquired 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 & Exchange Commission. The fund acquired 55,831 shares of the company’s stock, valued at approximately $3,460,000. Hsbc Holdings PLC owned about 0.20% of Innovative Industrial Properties as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in IIPR. Cooper Haims Advisors LLC purchased a new stake in Innovative Industrial Properties in the second quarter worth approximately $271,000. Legal & General Group Plc purchased a new stake in Innovative Industrial Properties during the 2nd quarter valued at $10,438,000. The Manufacturers Life Insurance Company bought a new position in shares of Innovative Industrial Properties during the 2nd quarter valued at $1,447,000. OMERS ADMINISTRATION Corp bought a new position in shares of Innovative Industrial Properties during the 2nd quarter valued at $1,556,000. Finally, Compass Financial Management LLC purchased a new position in shares of Innovative Industrial Properties in the 2nd quarter worth $4,475,000. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $56.45 on Friday. The company has a market capitalization of $1.56 billion, a PE ratio of 12.80 and a beta of 1.38. The company has a debt-to-equity ratio of 0.35, a quick ratio of 24.51 and a current ratio of 24.51. The business’s fifty day moving average is $60.31 and its 200 day moving average is $56.06. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $65.38.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Monday, August 3rd. The company reported $1.36 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.34. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%.The business had revenue of $63.31 million during the quarter, compared to analysts’ expectations of $67.09 million. Sell-side analysts predict that Innovative Industrial Properties, Inc. will post 7.05 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

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

Analyst Ratings Changes

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

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.