State of Alaska Department of Revenue Increases Holdings in Innovative Industrial Properties, Inc. $IIPR

State of Alaska Department of Revenue boosted its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 2.6% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 30,128 shares of the company’s stock after purchasing an additional 765 shares during the period. State of Alaska Department of Revenue owned about 0.11% of Innovative Industrial Properties worth $1,661,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of IIPR. Millennium Management LLC increased its holdings in Innovative Industrial Properties by 1,131.0% during the 1st quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock valued at $8,520,000 after purchasing an additional 144,714 shares during the period. Nuveen LLC purchased a new position in Innovative Industrial Properties during the 1st quarter valued at about $5,716,000. New Age Alpha Advisors LLC purchased a new position in Innovative Industrial Properties during the 1st quarter valued at about $2,921,000. SG Americas Securities LLC boosted its position in Innovative Industrial Properties by 660.7% during the 1st quarter. SG Americas Securities LLC now owns 57,199 shares of the company’s stock valued at $3,094,000 after acquiring an additional 49,680 shares in the last quarter. Finally, Vanguard Group Inc. boosted its position in Innovative Industrial Properties by 1.0% during the 1st quarter. Vanguard Group Inc. now owns 4,469,353 shares of the company’s stock valued at $241,747,000 after acquiring an additional 45,617 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR opened at $56.56 on Friday. The company has a quick ratio of 10.30, a current ratio of 10.30 and a debt-to-equity ratio of 0.16. The business’s 50 day moving average price is $54.35 and its 200-day moving average price is $55.09. Innovative Industrial Properties, Inc. has a 52 week low of $45.44 and a 52 week high of $136.80. The stock has a market cap of $1.58 billion, a P/E ratio of 12.24 and a beta of 1.64.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $1.71 EPS for the quarter, topping analysts’ consensus estimates of $1.68 by $0.03. Innovative Industrial Properties had a return on equity of 7.26% and a net margin of 47.71%.The firm had revenue of $62.89 million for the quarter, compared to analysts’ expectations of $64.36 million. During the same period in the previous year, the firm posted $2.06 EPS. The business’s revenue for the quarter was down 21.2% compared to the same quarter last year. Equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.4%. The ex-dividend date of this dividend is Tuesday, September 30th. Innovative Industrial Properties’s payout ratio is currently 164.50%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Innovative Industrial Properties in a research report on Saturday, September 27th. Wolfe Research cut Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, July 2nd. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, six have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $78.67.

Innovative Industrial Properties Company 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.