Black Swift Group LLC Makes New $953,000 Investment in Innovative Industrial Properties, Inc. $IIPR

Black Swift Group LLC acquired a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 17,795 shares of the company’s stock, valued at approximately $953,000. Black Swift Group LLC owned approximately 0.06% of Innovative Industrial Properties as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in the stock. West Oak Capital LLC bought a new position in shares of Innovative Industrial Properties in the third quarter valued at $27,000. Huntington National Bank raised its position in Innovative Industrial Properties by 110.6% during the third quarter. Huntington National Bank now owns 697 shares of the company’s stock worth $37,000 after acquiring an additional 366 shares in the last quarter. Headlands Technologies LLC raised its position in Innovative Industrial Properties by 109.4% during the second quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock worth $42,000 after acquiring an additional 396 shares in the last quarter. Caitlin John LLC acquired a new stake in Innovative Industrial Properties in the third quarter valued at $44,000. Finally, Hantz Financial Services Inc. grew its position in shares of Innovative Industrial Properties by 482.2% in the 3rd quarter. Hantz Financial Services Inc. now owns 885 shares of the company’s stock valued at $47,000 after acquiring an additional 733 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Piper Sandler boosted their price objective on shares of Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 25th. Compass Point upgraded shares of Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 target price for the company in a research note on Tuesday, March 3rd. Finally, Weiss Ratings cut Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a report on Wednesday, January 28th. Three equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and a consensus price target of $51.75.

Innovative Industrial Properties Trading Down 1.0%

Shares of Innovative Industrial Properties stock opened at $54.52 on Friday. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.38 and a quick ratio of 4.38. The business has a fifty day simple moving average of $49.52 and a two-hundred day simple moving average of $51.88. Innovative Industrial Properties, Inc. has a 1 year low of $44.58 and a 1 year high of $74.92. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 13.91 and a beta of 1.45.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, February 23rd. The company reported $1.88 EPS for the quarter, beating the consensus estimate of $1.71 by $0.17. The firm had revenue of $66.66 million for the quarter, compared to the consensus estimate of $66.16 million. Innovative Industrial Properties had a net margin of 44.46% and a return on equity of 6.43%. The company’s quarterly revenue was down 13.1% on a year-over-year basis. During the same period in the previous year, the company earned $2.03 earnings per share. Research analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Stockholders of record on Wednesday, December 31st were issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.9%. The ex-dividend date was Wednesday, December 31st. Innovative Industrial Properties’s payout ratio is currently 193.88%.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.