Vanguard Group Inc. Has $228.56 Million Stock Holdings in Innovative Industrial Properties, Inc. $IIPR

Vanguard Group Inc. reduced its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 2.8% during the 3rd quarter, Holdings Channel.com reports. The fund owned 4,265,717 shares of the company’s stock after selling 121,172 shares during the period. Vanguard Group Inc. owned 0.15% of Innovative Industrial Properties worth $228,557,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the business. Daiwa Securities Group Inc. lifted its stake in Innovative Industrial Properties by 2.1% during the second quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company’s stock worth $545,000 after purchasing an additional 207 shares during the period. Bank of Montreal Can raised its holdings in shares of Innovative Industrial Properties by 4.6% in the 2nd quarter. Bank of Montreal Can now owns 5,259 shares of the company’s stock worth $290,000 after buying an additional 229 shares in the last quarter. California State Teachers Retirement System lifted its position in shares of Innovative Industrial Properties by 1.0% during the 2nd quarter. California State Teachers Retirement System now owns 26,152 shares of the company’s stock worth $1,444,000 after buying an additional 264 shares during the period. Amalgamated Bank boosted its stake in Innovative Industrial Properties by 3.4% in the 3rd quarter. Amalgamated Bank now owns 8,270 shares of the company’s stock valued at $443,000 after buying an additional 275 shares in the last quarter. Finally, Centaurus Financial Inc. grew its position in Innovative Industrial Properties by 2.5% in the second quarter. Centaurus Financial Inc. now owns 12,942 shares of the company’s stock valued at $715,000 after acquiring an additional 312 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have issued reports on IIPR shares. Piper Sandler lifted their price objective on Innovative Industrial Properties from $44.00 to $45.00 and gave the company an “underweight” rating in a report on Wednesday, February 25th. Weiss Ratings cut shares of Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, January 28th. Two analysts have rated the stock with a Hold rating and three have given a Sell rating to the company. According to MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of “Strong Sell” and an average price target of $53.00.

Innovative Industrial Properties Price Performance

IIPR opened at $52.96 on Monday. 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 stock has a market capitalization of $1.49 billion, a P/E ratio of 13.51 and a beta of 1.44. The company’s 50 day simple moving average is $49.12 and its 200-day simple moving average is $51.80. Innovative Industrial Properties, Inc. has a one year low of $44.58 and a one year high of $74.92.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, February 23rd. The company reported $1.88 earnings per share (EPS) for the quarter, topping 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 return on equity of 6.43% and a net margin of 44.46%.The business’s revenue for the quarter was down 13.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.03 EPS. Sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $1.90 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 14.4%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 193.88%.

Innovative Industrial Properties Profile

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.