Signaturefd LLC Raises Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Signaturefd LLC grew its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 42.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 505 shares of the company’s stock after purchasing an additional 150 shares during the period. Signaturefd LLC’s holdings in Innovative Industrial Properties were worth $55,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. TrueMark Investments LLC bought a new position in Innovative Industrial Properties during the second quarter valued at approximately $280,000. Summit Securities Group LLC lifted its holdings in shares of Innovative Industrial Properties by 41.7% during the 2nd quarter. Summit Securities Group LLC now owns 1,700 shares of the company’s stock valued at $186,000 after buying an additional 500 shares during the period. Allspring Global Investments Holdings LLC purchased a new position in shares of Innovative Industrial Properties in the 2nd quarter worth $253,000. Bank of New York Mellon Corp grew its holdings in shares of Innovative Industrial Properties by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after acquiring an additional 10,615 shares during the period. Finally, Bristlecone Advisors LLC increased its position in Innovative Industrial Properties by 12.6% during the second quarter. Bristlecone Advisors LLC now owns 12,497 shares of the company’s stock valued at $1,365,000 after acquiring an additional 1,395 shares during the last quarter. 70.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several research analysts have issued reports on IIPR shares. Roth Mkm raised their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Piper Sandler boosted their target price on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $118.33.

Innovative Industrial Properties Stock Performance

Shares of IIPR opened at $121.58 on Thursday. The business has a 50-day simple moving average of $117.66 and a two-hundred day simple moving average of $107.82. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 52 week low of $69.08 and a 52 week high of $127.36. The stock has a market cap of $3.44 billion, a price-to-earnings ratio of 21.33 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The firm had revenue of $79.79 million during the quarter, compared to analysts’ expectations of $77.18 million. The company’s revenue was up 4.4% compared to the same quarter last year. During the same period in the prior year, the company posted $2.26 earnings per share. On average, analysts expect that Innovative Industrial Properties, Inc. will post 8.41 EPS for the current year.

Innovative Industrial Properties Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a $1.90 dividend. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $7.60 annualized dividend and a yield of 6.25%. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.82. Innovative Industrial Properties’s dividend payout ratio is currently 133.33%.

Innovative Industrial Properties Profile

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.