OMERS ADMINISTRATION Corp Acquires Shares of 25,100 Innovative Industrial Properties, Inc. $IIPR

OMERS ADMINISTRATION Corp acquired a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor acquired 25,100 shares of the company’s stock, valued at approximately $1,556,000. OMERS ADMINISTRATION Corp owned 0.09% of Innovative Industrial Properties at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Arrowstreet Capital Limited Partnership lifted its holdings in Innovative Industrial Properties by 3,423.1% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company’s stock valued at $27,066,000 after purchasing an additional 524,284 shares during the last quarter. Compass Financial Management LLC acquired a new stake in shares of Innovative Industrial Properties during the second quarter worth approximately $4,475,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new position in shares of Innovative Industrial Properties in the second quarter valued at approximately $1,537,000. First Trust Advisors LP raised its stake in shares of Innovative Industrial Properties by 20.4% in the first quarter. First Trust Advisors LP now owns 100,294 shares of the company’s stock valued at $5,031,000 after acquiring an additional 17,000 shares during the last quarter. Finally, Legal & General Group Plc boosted its holdings in shares of Innovative Industrial Properties by 13.4% in the 4th quarter. Legal & General Group Plc now owns 193,926 shares of the company’s stock worth $9,184,000 after acquiring an additional 22,926 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

IIPR has been the topic of a number of research analyst reports. Piper Sandler increased their price target on Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 21st. Weiss Ratings raised Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Finally, Zacks Research cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Three 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 company presently has an average rating of “Reduce” and a consensus target price of $48.00.

Innovative Industrial Properties Trading Down 1.2%

Shares of NYSE IIPR opened at $56.93 on Thursday. Innovative Industrial Properties, Inc. has a 1-year low of $44.58 and a 1-year high of $65.38. The company has a market cap of $1.57 billion, a PE ratio of 12.91 and a beta of 1.38. The company has a current ratio of 24.51, a quick ratio of 24.51 and a debt-to-equity ratio of 0.35. The company has a 50-day moving average of $60.44 and a two-hundred day moving average of $56.00.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, August 3rd. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.02 by $0.34. The business had revenue of $63.31 million for the quarter, compared to analysts’ expectations of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. As a group, equities analysts expect that Innovative Industrial Properties, Inc. will post 7.15 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were issued a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $7.60 annualized dividend and a yield of 13.3%. Innovative Industrial Properties’s dividend payout ratio is currently 172.34%.

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.