Arizona State Retirement System bought a new position in shares of Innovative Industrial Properties Inc (NYSE:IIPR) in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 15,081 shares of the company’s stock, valued at approximately $1,232,000.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in IIPR. Emerald Mutual Fund Advisers Trust grew its stake in Innovative Industrial Properties by 106.3% during the fourth quarter. Emerald Mutual Fund Advisers Trust now owns 249,220 shares of the company’s stock worth $11,312,000 after purchasing an additional 128,421 shares during the period. BlackRock Inc. grew its stake in Innovative Industrial Properties by 28.9% during the fourth quarter. BlackRock Inc. now owns 540,995 shares of the company’s stock worth $24,557,000 after purchasing an additional 121,138 shares during the period. Cannell Capital LLC acquired a new stake in Innovative Industrial Properties during the fourth quarter worth approximately $5,149,000. Thomson Horstmann & Bryant Inc. bought a new position in Innovative Industrial Properties in the fourth quarter worth approximately $2,705,000. Finally, Essex Investment Management Co. LLC boosted its holdings in Innovative Industrial Properties by 33.8% in the fourth quarter. Essex Investment Management Co. LLC now owns 187,567 shares of the company’s stock worth $8,514,000 after acquiring an additional 47,370 shares in the last quarter. 55.02% of the stock is owned by institutional investors and hedge funds.
Several research analysts have issued reports on the company. Zacks Investment Research lowered Innovative Industrial Properties from a “buy” rating to a “hold” rating in a report on Wednesday, March 27th. LADENBURG THALM/SH SH lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Wednesday, March 20th. Finally, BTIG Research increased their price target on Innovative Industrial Properties to $101.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Two analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and an average price target of $66.75.
Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, March 13th. The company reported $0.24 earnings per share (EPS) for the quarter. The business had revenue of $4.78 million for the quarter. Innovative Industrial Properties had a return on equity of 4.97% and a net margin of 51.37%. Equities research analysts anticipate that Innovative Industrial Properties Inc will post 2.6 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Friday, March 29th were issued a $0.45 dividend. The ex-dividend date of this dividend was Thursday, March 28th. This represents a $1.80 annualized dividend and a yield of 2.19%. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $0.35. Innovative Industrial Properties’s dividend payout ratio is presently 134.33%.
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About Innovative Industrial Properties
Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.
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