Cynosure Group LLC Buys New Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Cynosure Group LLC purchased a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 2,659 shares of the company’s stock, valued at approximately $358,000.

Several other large investors also recently bought and sold shares of IIPR. USA Financial Formulas acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at $25,000. Canton Hathaway LLC purchased a new position in Innovative Industrial Properties during the 3rd quarter worth $55,000. Loomis Sayles & Co. L P increased its stake in Innovative Industrial Properties by 3,130.8% in the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after purchasing an additional 407 shares during the period. US Bancorp DE raised its holdings in shares of Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after buying an additional 189 shares during the last quarter. Finally, Blue Trust Inc. grew its holdings in shares of Innovative Industrial Properties by 2,085.7% during the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after buying an additional 438 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Innovative Industrial Properties Trading Up 0.0 %

Shares of IIPR stock opened at $109.17 on Friday. The business’s fifty day moving average price is $124.51 and its 200 day moving average price is $118.67. The firm has a market capitalization of $3.09 billion, a PE ratio of 19.43 and a beta of 1.37. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. Innovative Industrial Properties, Inc. has a 1-year low of $78.10 and a 1-year high of $138.35.

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

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $1.90 per share. The ex-dividend date was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.96%. Innovative Industrial Properties’s payout ratio is 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.