The Manufacturers Life Insurance Company Buys New Stake in Innovative Industrial Properties, Inc. $IIPR

The Manufacturers Life Insurance Company purchased a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 2nd quarter, Holdings Channel.com reports. The firm purchased 23,348 shares of the company’s stock, valued at approximately $1,447,000.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in IIPR. International Assets Investment Management LLC acquired a new stake in Innovative Industrial Properties during the fourth quarter valued at approximately $25,000. Advisory Services Network LLC bought a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at approximately $34,000. Los Angeles Capital Management LLC acquired a new position in shares of Innovative Industrial Properties in the 4th quarter worth approximately $35,000. Headlands Technologies LLC raised its holdings in shares of Innovative Industrial Properties by 109.4% in the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock worth $42,000 after buying an additional 396 shares in the last quarter. Finally, Triumph Capital Management acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter worth approximately $44,000. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

NYSE:IIPR opened at $56.69 on Friday. The firm has a market cap of $1.56 billion, a PE ratio of 12.85 and a beta of 1.35. Innovative Industrial Properties, Inc. has a 12 month low of $44.58 and a 12 month high of $65.38. The company has a quick ratio of 24.51, a current ratio of 24.51 and a debt-to-equity ratio of 0.35. The company’s 50-day moving average price is $60.00 and its two-hundred day moving average price is $56.40.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.34. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. The firm had revenue of $63.31 million for the quarter, compared to analysts’ expectations of $67.09 million. On average, equities analysts anticipate that Innovative Industrial Properties, Inc. will post 7.05 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $1.90 per share. The ex-dividend date was Tuesday, June 30th. This represents a $7.60 dividend on an annualized basis and a yield of 13.4%. Innovative Industrial Properties’s dividend payout ratio is 172.34%.

Analyst Ratings Changes

Several brokerages recently commented on IIPR. Piper Sandler boosted their price target on Innovative Industrial Properties from $45.00 to $51.00 and gave the company an “underweight” rating in a research note on Tuesday, July 21st. Weiss Ratings upgraded Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a research note 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’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $48.00.

Insider Buying and Selling

In other Innovative Industrial Properties news, Director Bruce Alan Ives purchased 528 shares of the company’s stock in a transaction that occurred on Monday, August 31st. The stock was purchased at an average cost of $56.70 per share, with a total value of $29,937.60. Following the acquisition, the director directly owned 3,180 shares of the company’s stock, valued at approximately $180,306. This trade represents a 19.91% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this link. 2.30% of the stock is currently owned by company insiders.

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.