Eschler Asset Management LLP Invests $545,000 in Innovative Industrial Properties, Inc. $IIPR

Eschler Asset Management LLP purchased a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 10,165 shares of the company’s stock, valued at approximately $545,000.

Other large investors have also bought and sold shares of the company. Invesco Ltd. grew its holdings in Innovative Industrial Properties by 15.2% during the 3rd quarter. Invesco Ltd. now owns 440,364 shares of the company’s stock worth $23,595,000 after acquiring an additional 58,231 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Innovative Industrial Properties by 229.6% during the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company’s stock valued at $15,906,000 after acquiring an additional 200,652 shares during the last quarter. AlphaCore Capital LLC lifted its stake in shares of Innovative Industrial Properties by 0.8% in the 3rd quarter. AlphaCore Capital LLC now owns 211,407 shares of the company’s stock valued at $11,729,000 after purchasing an additional 1,777 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Innovative Industrial Properties by 6.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company’s stock valued at $11,433,000 after purchasing an additional 13,291 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Innovative Industrial Properties by 17.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 178,271 shares of the company’s stock worth $9,844,000 after purchasing an additional 27,115 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Trading Down 1.0%

Shares of NYSE IIPR opened at $53.19 on Friday. Innovative Industrial Properties, Inc. has a twelve month low of $44.58 and a twelve month high of $71.47. The stock has a market cap of $1.50 billion, a price-to-earnings ratio of 13.57 and a beta of 1.45. The company has a quick ratio of 4.38, a current ratio of 4.38 and a debt-to-equity ratio of 0.22. The company’s fifty day moving average is $49.94 and its 200-day moving average is $51.90.

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 analysts’ consensus estimates of $1.71 by $0.17. The business had revenue of $66.66 million during the quarter, compared to analysts’ expectations of $66.16 million. Innovative Industrial Properties had a net margin of 44.46% and a return on equity of 6.43%. The firm’s quarterly revenue was down 13.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.03 EPS. Equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 14.3%. The ex-dividend date was Wednesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is 193.88%.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the company. Weiss Ratings raised Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday. Compass Point upgraded Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 target price on the stock in a report on Tuesday, March 3rd. Finally, Piper Sandler boosted their target price on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 25th. Four investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $51.75.

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.