Centaurus Financial Inc. Takes Position in Innovative Industrial Properties, Inc. $IIPR

Centaurus Financial Inc. purchased a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 2nd quarter, HoldingsChannel.com reports. The firm purchased 14,373 shares of the company’s stock, valued at approximately $891,000.

Other hedge funds also recently modified their holdings of the company. Public Employees Retirement System of Ohio purchased a new position in Innovative Industrial Properties in the second quarter valued at approximately $2,025,000. Corient Private Wealth LP purchased a new stake in Innovative Industrial Properties in the second quarter worth $1,364,000. Bank of America Corp DE purchased a new stake in Innovative Industrial Properties in the second quarter worth $1,384,000. Freestone Grove Partners LP bought a new stake in shares of Innovative Industrial Properties in the second quarter valued at $252,000. Finally, Roberts Glore & Co. Inc. IL bought a new stake in shares of Innovative Industrial Properties in the second quarter valued at $440,000. Institutional investors own 70.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on IIPR shares. Weiss Ratings upgraded Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Piper Sandler boosted their price objective on Innovative Industrial Properties from $45.00 to $51.00 and gave the company an “underweight” rating in a research note on Tuesday, July 21st. Finally, Zacks Research downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, Innovative Industrial Properties currently has an average rating of “Reduce” and a consensus target price of $48.00.

Innovative Industrial Properties Stock Up 0.1%

Innovative Industrial Properties stock opened at $56.45 on Friday. Innovative Industrial Properties, Inc. has a 1-year low of $44.58 and a 1-year high of $65.38. The firm has a market capitalization of $1.56 billion, a price-to-earnings ratio of 12.80 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 firm has a 50 day simple moving average of $60.31 and a 200 day simple moving average of $56.06.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.34. The firm had revenue of $63.31 million for the quarter, compared to analysts’ expectations of $67.09 million. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%. On average, analysts predict that Innovative Industrial Properties, Inc. will post 7.05 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 13.5%. The ex-dividend date was Tuesday, June 30th. Innovative Industrial Properties’s payout ratio is presently 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.