Jupiter Topco LLC Makes New Investment in Innovative Industrial Properties, Inc. $IIPR

Jupiter Topco LLC bought a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 12,925 shares of the company’s stock, valued at approximately $801,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Royal Bank of Canada boosted its holdings in Innovative Industrial Properties by 34.4% during the first quarter. Royal Bank of Canada now owns 14,318 shares of the company’s stock worth $773,000 after purchasing an additional 3,667 shares during the last quarter. Amundi increased its stake in Innovative Industrial Properties by 3.4% in the 1st quarter. Amundi now owns 15,766 shares of the company’s stock valued at $826,000 after buying an additional 523 shares during the last quarter. AQR Capital Management LLC purchased a new stake in Innovative Industrial Properties in the 1st quarter valued at about $1,470,000. Millennium Management LLC lifted its position in shares of Innovative Industrial Properties by 1,131.0% during the 1st quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock worth $8,520,000 after buying an additional 144,714 shares in the last quarter. Finally, Goldman Sachs Group Inc. lifted its position in shares of Innovative Industrial Properties by 6.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company’s stock worth $11,433,000 after buying an additional 13,291 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on IIPR shares. Piper Sandler upped their target price on Innovative Industrial Properties from $45.00 to $51.00 and gave the company an “underweight” rating in a report on Tuesday, July 21st. Weiss Ratings raised Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a research report on Thursday, August 6th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently 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. The company’s 50-day moving average is $59.88 and its 200 day moving average is $56.48. 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 company has a market capitalization of $1.57 billion, a P/E ratio of 12.91 and a beta of 1.35. 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 posted its quarterly earnings data on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.34. The business had revenue of $63.31 million during the quarter, compared to the consensus estimate of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. On average, equities research analysts forecast that Innovative Industrial Properties, Inc. will post 7.05 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

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

Insider Activity

In other news, Director Bruce Alan Ives acquired 528 shares of the company’s stock in a transaction that occurred on Monday, August 31st. The shares were acquired at an average price of $56.70 per share, for a total transaction of $29,937.60. Following the completion of the purchase, the director owned 3,180 shares in the company, valued at approximately $180,306. This trade represents a 19.91% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. 2.30% of the stock is currently owned by insiders.

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.