Envestnet Portfolio Solutions Inc. Invests $215,000 in Innovative Industrial Properties, Inc. $IIPR

Envestnet Portfolio Solutions Inc. bought a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,886 shares of the company’s stock, valued at approximately $215,000.

Other institutional investors also recently bought and sold shares of the company. Janney Montgomery Scott LLC increased its position in Innovative Industrial Properties by 6.9% during the first quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company’s stock valued at $267,000 after acquiring an additional 319 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Innovative Industrial Properties by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 155,355 shares of the company’s stock worth $8,403,000 after purchasing an additional 3,961 shares during the period. Principal Securities Inc. grew its holdings in Innovative Industrial Properties by 25.4% during the 1st quarter. Principal Securities Inc. now owns 1,495 shares of the company’s stock valued at $81,000 after purchasing an additional 303 shares during the last quarter. Alps Advisors Inc. purchased a new stake in Innovative Industrial Properties in the 1st quarter worth about $209,000. Finally, Signaturefd LLC lifted its stake in Innovative Industrial Properties by 49.7% in the first quarter. Signaturefd LLC now owns 756 shares of the company’s stock worth $41,000 after purchasing an additional 251 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $52.80 on Friday. The company has a market capitalization of $1.48 billion, a P/E ratio of 11.43 and a beta of 1.64. The company’s 50-day simple moving average is $55.06 and its two-hundred day simple moving average is $54.52. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $135.78. The company has a debt-to-equity ratio of 0.16, a current ratio of 10.30 and a quick ratio of 10.30.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly 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. 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 during the quarter, compared to analyst estimates of $64.36 million. During the same quarter in the previous year, the business earned $2.06 earnings per share. Innovative Industrial Properties’s quarterly revenue was down 21.2% on a year-over-year basis. As a group, equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.4%. Innovative Industrial Properties’s dividend payout ratio is presently 164.50%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently commented on IIPR shares. Weiss Ratings cut Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, October 8th. Wolfe Research cut Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a report on Wednesday, July 2nd. One investment 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 given a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $78.67.

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.