Oregon Public Employees Retirement Fund Boosts Stock Position in Innovative Industrial Properties Inc (NYSE:IIPR)

Oregon Public Employees Retirement Fund lifted its position in shares of Innovative Industrial Properties Inc (NYSE:IIPR) by 38.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 7,581 shares of the company’s stock after purchasing an additional 2,100 shares during the period. Oregon Public Employees Retirement Fund’s holdings in Innovative Industrial Properties were worth $667,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Creative Planning increased its position in shares of Innovative Industrial Properties by 1.1% during the first quarter. Creative Planning now owns 12,955 shares of the company’s stock valued at $984,000 after acquiring an additional 143 shares in the last quarter. Synovus Financial Corp boosted its holdings in Innovative Industrial Properties by 70.8% in the first quarter. Synovus Financial Corp now owns 410 shares of the company’s stock worth $31,000 after purchasing an additional 170 shares during the last quarter. Crossmark Global Holdings Inc. boosted its holdings in Innovative Industrial Properties by 3.2% in the first quarter. Crossmark Global Holdings Inc. now owns 5,850 shares of the company’s stock worth $444,000 after purchasing an additional 180 shares during the last quarter. BerganKDV Wealth Management LLC boosted its holdings in Innovative Industrial Properties by 42.6% in the first quarter. BerganKDV Wealth Management LLC now owns 670 shares of the company’s stock worth $51,000 after purchasing an additional 200 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC boosted its holdings in Innovative Industrial Properties by 8.4% in the first quarter. Patriot Financial Group Insurance Agency LLC now owns 3,619 shares of the company’s stock worth $275,000 after purchasing an additional 281 shares during the last quarter. Institutional investors and hedge funds own 70.32% of the company’s stock.

IIPR opened at $104.23 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 292.08 and a current ratio of 292.08. Innovative Industrial Properties Inc has a fifty-two week low of $40.21 and a fifty-two week high of $115.82. The firm’s fifty day moving average is $93.61 and its 200 day moving average is $84.88. The stock has a market cap of $2.22 billion, a price-to-earnings ratio of 28.08 and a beta of 1.31.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, May 6th. The company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.27). Innovative Industrial Properties had a net margin of 53.76% and a return on equity of 6.14%. The firm had revenue of $21.13 million for the quarter, compared to analysts’ expectations of $21.20 million. On average, equities research analysts predict that Innovative Industrial Properties Inc will post 4.91 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $1.06 per share. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.00. The ex-dividend date of this dividend was Monday, June 29th. This represents a $4.24 dividend on an annualized basis and a dividend yield of 4.07%. Innovative Industrial Properties’s payout ratio is 129.66%.

Several equities research analysts recently issued reports on the stock. Roth Capital raised their target price on shares of Innovative Industrial Properties from $110.00 to $120.00 in a report on Monday, July 6th. Compass Point raised their target price on shares of Innovative Industrial Properties from $75.00 to $100.00 and gave the stock a “buy” rating in a report on Thursday, May 21st. LADENBURG THALM/SH SH lifted their price target on shares of Innovative Industrial Properties from $83.50 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Zacks Investment Research cut shares of Innovative Industrial Properties from a “buy” rating to a “hold” rating in a research note on Thursday, May 28th. Finally, JMP Securities initiated coverage on shares of Innovative Industrial Properties in a research note on Tuesday, July 28th. They set an “outperform” rating and a $120.00 price target on the stock. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus target price of $104.67.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.

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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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