Janney Montgomery Scott LLC Buys 319 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Janney Montgomery Scott LLC increased its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 6.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 4,927 shares of the company’s stock after acquiring an additional 319 shares during the period. Janney Montgomery Scott LLC’s holdings in Innovative Industrial Properties were worth $267,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc. lifted its stake in shares of Innovative Industrial Properties by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock worth $294,798,000 after acquiring an additional 64,908 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in Innovative Industrial Properties by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock worth $30,958,000 after buying an additional 7,179 shares during the last quarter. Northern Trust Corp grew its stake in Innovative Industrial Properties by 20.6% during the 4th quarter. Northern Trust Corp now owns 435,879 shares of the company’s stock worth $29,047,000 after buying an additional 74,342 shares during the last quarter. Bank of New York Mellon Corp grew its stake in Innovative Industrial Properties by 25.8% during the 4th quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock worth $25,233,000 after buying an additional 77,552 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Innovative Industrial Properties by 2.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 342,123 shares of the company’s stock worth $22,799,000 after acquiring an additional 7,272 shares during the period. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Stock Down 0.5%

Shares of NYSE IIPR opened at $56.79 on Friday. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-month high of $138.35. The company has a current ratio of 10.73, a quick ratio of 10.73 and a debt-to-equity ratio of 0.15. The stock has a market cap of $1.59 billion, a P/E ratio of 10.92 and a beta of 1.69. The business’s fifty day simple moving average is $55.97 and its 200-day simple moving average is $62.27.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.12). Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 50.30%. The firm had revenue of $71.72 million for the quarter, compared to analyst estimates of $72.20 million. During the same quarter last year, the firm posted $2.21 EPS. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, equities analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.38%. The ex-dividend date of this dividend is Monday, June 30th. Innovative Industrial Properties’s dividend payout ratio is currently 146.15%.

Analysts Set New Price Targets

A number of analysts have commented on IIPR shares. Wolfe Research cut Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday. Piper Sandler decreased their price objective on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a report on Tuesday, April 15th. Industrial Alliance Securities reaffirmed a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Finally, Compass Point reissued a “sell” rating and set a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Two analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $78.67.

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.