First Trust Advisors LP Increases Position in Innovative Industrial Properties, Inc. $IIPR

First Trust Advisors LP increased its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 20.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 100,294 shares of the company’s stock after purchasing an additional 17,000 shares during the quarter. First Trust Advisors LP’s holdings in Innovative Industrial Properties were worth $5,031,000 at the end of the most recent reporting period.

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

Innovative Industrial Properties Price Performance

Shares of Innovative Industrial Properties stock opened at $58.59 on Tuesday. The stock has a market capitalization of $1.69 billion, a P/E ratio of 14.98 and a beta of 1.38. The business has a 50 day simple moving average of $60.96 and a two-hundred day simple moving average of $55.05. Innovative Industrial Properties, Inc. has a 12 month low of $44.58 and a 12 month high of $65.38. The company has a debt-to-equity ratio of 0.20, a current ratio of 6.06 and a quick ratio of 6.06.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results 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. Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The firm had revenue of $63.31 million for the quarter, compared to analyst estimates of $67.09 million. As a group, analysts predict that Innovative Industrial Properties, Inc. will post 6.97 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a $1.90 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $7.60 dividend on an annualized basis and a yield of 13.0%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 194.37%.

Analysts Set New Price Targets

IIPR has been the subject of a number of research analyst reports. Zacks Research cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Piper Sandler lifted their target price on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the company an “underweight” rating in a research report on Tuesday, July 21st. Finally, Weiss Ratings raised shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Three research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $48.00.

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.