North Star Investment Management Corp. Purchases 15,000 Shares of Innovative Industrial Properties, Inc. $IIPR

North Star Investment Management Corp. grew its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 33,333.3% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 15,045 shares of the company’s stock after purchasing an additional 15,000 shares during the quarter. North Star Investment Management Corp.’s holdings in Innovative Industrial Properties were worth $755,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC purchased a new position in shares of Innovative Industrial Properties during the fourth quarter valued at $25,000. FNY Investment Advisers LLC bought a new position in Innovative Industrial Properties during the 3rd quarter worth about $32,000. Advisory Services Network LLC bought a new position in Innovative Industrial Properties during the 3rd quarter worth about $34,000. Los Angeles Capital Management LLC bought a new position in Innovative Industrial Properties during the 4th quarter worth about $35,000. Finally, Huntington National Bank increased its position in Innovative Industrial Properties by 110.6% during the 3rd quarter. Huntington National Bank now owns 697 shares of the company’s stock valued at $37,000 after purchasing an additional 366 shares during the period. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Up 0.9%

IIPR opened at $63.52 on Tuesday. The company has a current ratio of 6.06, a quick ratio of 6.06 and a debt-to-equity ratio of 0.20. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of 16.24 and a beta of 1.42. Innovative Industrial Properties, Inc. has a 12 month low of $44.58 and a 12 month high of $63.64. The stock has a fifty day moving average price of $57.50 and a 200-day moving average price of $53.15.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, May 4th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.05). The company had revenue of $69.00 million during the quarter, compared to analysts’ expectations of $65.65 million. Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. Innovative Industrial Properties’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same quarter last year, the firm earned $1.94 EPS. As a group, equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a $1.90 dividend. The ex-dividend date of this dividend is Tuesday, June 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 12.0%. Innovative Industrial Properties’s payout ratio is presently 194.37%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on IIPR shares. Compass Point upgraded shares of Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price target for the company in a report on Tuesday, March 3rd. Zacks Research downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings raised shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Four research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Reduce” and an average price target of $45.00.

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.