32,665 Shares in Innovative Industrial Properties, Inc. $IIPR Purchased by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio bought a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 32,665 shares of the company’s stock, valued at approximately $2,025,000.

Several other large investors have also recently bought and sold shares of the stock. PNC Financial Services Group Inc. raised its position 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 buying an additional 182 shares in the last quarter. Daiwa Securities Group Inc. boosted its holdings in shares of Innovative Industrial Properties by 2.1% in the second quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company’s stock valued at $545,000 after acquiring an additional 207 shares in the last quarter. Allworth Financial LP boosted its holdings in shares of Innovative Industrial Properties by 4.6% in the fourth quarter. Allworth Financial LP now owns 4,714 shares of the company’s stock valued at $223,000 after acquiring an additional 208 shares in the last quarter. PFG Investments LLC increased its stake in shares of Innovative Industrial Properties by 3.3% during the first quarter. PFG Investments LLC now owns 7,300 shares of the company’s stock valued at $366,000 after acquiring an additional 231 shares during the period. Finally, Freestone Grove Partners LP increased its stake in shares of Innovative Industrial Properties by 2.0% during 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 period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IIPR. Piper Sandler upped their target price on Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 21st. Weiss Ratings upgraded Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $48.00.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $56.93 on Monday. Innovative Industrial Properties, Inc. has a twelve month low of $44.58 and a twelve month high of $65.38. The company has a current ratio of 24.51, a quick ratio of 24.51 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $1.57 billion, a price-to-earnings ratio of 12.91 and a beta of 1.35. The firm has a 50-day moving average of $59.88 and a two-hundred day moving average of $56.48.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.34. The company had revenue of $63.31 million during the quarter, compared to analyst estimates of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. As a group, analysts expect that Innovative Industrial Properties, Inc. will post 7.05 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 13.3%. The ex-dividend date was Tuesday, June 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 172.34%.

Insiders Place Their Bets

In related news, Director Bruce Alan Ives purchased 528 shares of the company’s stock in a transaction on Monday, August 31st. The shares were bought at an average price of $56.70 per share, with a total value of $29,937.60. Following the completion of the acquisition, the director owned 3,180 shares of the company’s stock, valued at approximately $180,306. This represents a 19.91% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 2.30% of the company’s stock.

Innovative Industrial Properties Company 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.