California Public Employees Retirement System Grows Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

California Public Employees Retirement System grew its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 2.0% in the 4th quarter, HoldingsChannel.com reports. The firm owned 56,091 shares of the company’s stock after purchasing an additional 1,090 shares during the quarter. California Public Employees Retirement System’s holdings in Innovative Industrial Properties were worth $5,655,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its stake in Innovative Industrial Properties by 3.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 363,500 shares of the company’s stock valued at $27,502,000 after buying an additional 12,026 shares during the last quarter. Northern Trust Corp increased its position in shares of Innovative Industrial Properties by 8.6% in the 3rd quarter. Northern Trust Corp now owns 358,166 shares of the company’s stock valued at $27,099,000 after acquiring an additional 28,403 shares during the period. International Assets Investment Management LLC purchased a new position in Innovative Industrial Properties in the 4th quarter worth $14,952,000. Schonfeld Strategic Advisors LLC lifted its position in Innovative Industrial Properties by 187.9% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 108,195 shares of the company’s stock worth $8,186,000 after acquiring an additional 70,612 shares during the period. Finally, American Assets Capital Advisers LLC purchased a new stake in Innovative Industrial Properties during the 3rd quarter valued at about $7,347,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

IIPR opened at $109.48 on Friday. Innovative Industrial Properties, Inc. has a 12-month low of $65.16 and a 12-month high of $111.71. The company has a current ratio of 14.22, a quick ratio of 14.22 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $3.09 billion, a PE ratio of 18.97 and a beta of 1.48. The firm has a 50 day moving average of $99.17 and a two-hundred day moving average of $91.92.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly 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 return on equity of 8.54% and a net margin of 53.50%. The business had revenue of $79.16 million for the quarter, compared to analysts’ expectations of $76.55 million. On average, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 6.65%. The ex-dividend date of this dividend was Wednesday, March 27th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 126.17%.

Analysts Set New Price Targets

IIPR has been the subject of several research analyst reports. TheStreet upgraded Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research note on Wednesday, January 10th. Piper Sandler raised their price target on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat, Innovative Industrial Properties presently has a consensus 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.