KLP Kapitalforvaltning AS Buys 2,700 Shares of Innovative Industrial Properties, Inc. $IIPR

KLP Kapitalforvaltning AS lifted its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 32.1% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 11,100 shares of the company’s stock after purchasing an additional 2,700 shares during the period. KLP Kapitalforvaltning AS’s holdings in Innovative Industrial Properties were worth $631,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Millennium Management LLC raised its stake 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 worth $8,520,000 after buying an additional 144,714 shares during the period. Nuveen LLC acquired a new stake in Innovative Industrial Properties during the 1st quarter worth $5,716,000. New Age Alpha Advisors LLC acquired a new stake in Innovative Industrial Properties during the 1st quarter worth $2,921,000. Vanguard Group Inc. raised its stake 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 worth $241,747,000 after buying an additional 45,617 shares during the period. Finally, Jump Financial LLC raised its stake in Innovative Industrial Properties by 352.6% during the 1st quarter. Jump Financial LLC now owns 57,246 shares of the company’s stock worth $3,096,000 after buying an additional 44,599 shares during the period. 70.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

IIPR has been the topic of several research analyst reports. Wolfe Research downgraded Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, July 2nd. Weiss Ratings downgraded Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, October 8th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $78.67.

Innovative Industrial Properties Price Performance

NYSE:IIPR opened at $53.77 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 10.30 and a current ratio of 10.30. The stock’s 50-day simple moving average is $54.94 and its 200 day simple moving average is $54.49. The company has a market cap of $1.51 billion, a P/E ratio of 11.64 and a beta of 1.64. Innovative Industrial Properties, Inc. has a 52-week low of $45.44 and a 52-week high of $135.78.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, August 6th. The company reported $1.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.68 by $0.03. The business had revenue of $62.89 million for the quarter, compared to the consensus estimate of $64.36 million. Innovative Industrial Properties had a return on equity of 7.26% and a net margin of 47.71%.Innovative Industrial Properties’s quarterly revenue was down 21.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $2.06 earnings per share. As a group, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 14.1%. The ex-dividend date of this dividend was Tuesday, September 30th. Innovative Industrial Properties’s payout ratio is 164.50%.

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.