International Assets Investment Management LLC Takes $14.95 Million Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

International Assets Investment Management LLC acquired a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 148,307 shares of the company’s stock, valued at approximately $14,952,000.

A number of other hedge funds and other institutional investors have also made changes to their positions in IIPR. Norges Bank purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at $21,086,000. State Street Corp grew its position in Innovative Industrial Properties by 14.8% during the first quarter. State Street Corp now owns 1,468,375 shares of the company’s stock valued at $304,124,000 after acquiring an additional 189,733 shares during the period. Vanguard Group Inc. increased its stake in Innovative Industrial Properties by 4.7% during the first quarter. Vanguard Group Inc. now owns 3,989,218 shares of the company’s stock worth $819,386,000 after acquiring an additional 179,840 shares during the last quarter. BlackRock Inc. increased its stake in Innovative Industrial Properties by 2.1% during the second quarter. BlackRock Inc. now owns 5,003,990 shares of the company’s stock worth $365,341,000 after acquiring an additional 100,973 shares during the last quarter. Finally, American Assets Capital Advisers LLC acquired a new stake in Innovative Industrial Properties during the third quarter worth about $7,347,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR opened at $98.98 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.22 and a quick ratio of 14.22. Innovative Industrial Properties, Inc. has a 12 month low of $63.36 and a 12 month high of $105.81. The firm has a market capitalization of $2.79 billion, a PE ratio of 17.15 and a beta of 1.49. The business has a 50-day moving average of $96.65 and a two-hundred day moving average of $89.20.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, February 26th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.62). Innovative Industrial Properties had a net margin of 53.50% and a return on equity of 8.54%. The company had revenue of $79.16 million during the quarter, compared to analyst estimates of $76.55 million. As a group, research analysts forecast that Innovative Industrial Properties, Inc. will post 8.49 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Thursday, March 28th will be paid a $1.82 dividend. The ex-dividend date is Wednesday, March 27th. This represents a $7.28 dividend on an annualized basis and a dividend yield of 7.36%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 126.17%.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on the company. Piper Sandler upped their price target on Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. TheStreet upgraded Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research note on Wednesday, January 10th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $92.67.

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.