Charles Schwab Investment Management Inc. Boosts Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Charles Schwab Investment Management Inc. grew its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 2.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 457,374 shares of the company’s stock after acquiring an additional 10,711 shares during the period. Charles Schwab Investment Management Inc. owned about 1.61% of Innovative Industrial Properties worth $61,563,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in IIPR. L & S Advisors Inc acquired a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth approximately $2,956,000. Massachusetts Financial Services Co. MA grew its position in Innovative Industrial Properties by 5.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 30,466 shares of the company’s stock valued at $4,101,000 after buying an additional 1,628 shares during the period. Intech Investment Management LLC grew its position in Innovative Industrial Properties by 52.2% during the third quarter. Intech Investment Management LLC now owns 10,250 shares of the company’s stock valued at $1,380,000 after buying an additional 3,515 shares during the period. Advisors Asset Management Inc. increased its holdings in Innovative Industrial Properties by 178.0% in the third quarter. Advisors Asset Management Inc. now owns 1,248 shares of the company’s stock valued at $168,000 after buying an additional 799 shares in the last quarter. Finally, Quest Partners LLC acquired a new position in shares of Innovative Industrial Properties in the third quarter worth about $95,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analyst Ratings Changes

Several analysts have commented on IIPR shares. Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a report on Friday, November 8th. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Piper Sandler cut their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Finally, Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $127.67.

Innovative Industrial Properties Price Performance

IIPR stock opened at $109.17 on Friday. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average of $123.47 and a two-hundred day moving average of $118.63. Innovative Industrial Properties, Inc. has a 12 month low of $80.24 and a 12 month high of $138.35. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 19.43 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. Innovative Industrial Properties’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.29 EPS. As a group, analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 6.96%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

About Innovative Industrial Properties

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.