Innovative Industrial Properties, Inc. $IIPR Shares Acquired by Villanova Investment Management Co

Villanova Investment Management Co lifted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 148.8% in the 3rd quarter, Holdings Channel.com reports. The firm owned 23,058 shares of the company’s stock after buying an additional 13,790 shares during the quarter. Villanova Investment Management Co’s holdings in Innovative Industrial Properties were worth $1,215,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Nykredit A S purchased a new position in Innovative Industrial Properties in the 2nd quarter valued at $25,000. Fortitude Family Office LLC purchased a new position in Innovative Industrial Properties during the 3rd quarter worth $26,000. Caitlin John LLC acquired a new stake in shares of Innovative Industrial Properties in the 2nd quarter worth $36,000. Triumph Capital Management lifted its stake in shares of Innovative Industrial Properties by 112.9% in the 2nd quarter. Triumph Capital Management now owns 905 shares of the company’s stock worth $56,000 after acquiring an additional 480 shares during the period. Finally, GAMMA Investing LLC lifted its stake in shares of Innovative Industrial Properties by 26.3% in the 3rd quarter. GAMMA Investing LLC now owns 1,833 shares of the company’s stock worth $97,000 after acquiring an additional 382 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Trading Down 1.7%

Shares of Innovative Industrial Properties stock opened at $55.40 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 10.66 and a quick ratio of 24.51. 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 capitalization of $1.53 billion, a P/E ratio of 7.46 and a beta of 1.33. The business has a 50 day moving average price of $54.29 and a 200 day moving average price of $55.13.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Monday, November 2nd. The company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.09. The firm had revenue of $64.92 million for the quarter, compared to analysts’ expectations of $61.03 million. Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 53.20%. Sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 6.83 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.7%. The ex-dividend date of this dividend was Wednesday, September 30th. Innovative Industrial Properties’s payout ratio is 171.56%.

Analyst Ratings Changes

IIPR has been the topic of several analyst reports. Stifel Nicolaus initiated coverage on shares of Innovative Industrial Properties in a report on Wednesday, October 14th. They issued a “buy” rating and a $56.25 target price on the stock. Weiss Ratings cut shares of Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a report on Thursday, October 8th. Piper Sandler raised their price objective on shares of Innovative Industrial Properties from $44.00 to $46.00 and gave the company an “underweight” rating in a research report on Wednesday. Finally, Huntington initiated coverage on shares of Innovative Industrial Properties in a research report on Friday, October 2nd. They issued an “outperform” rating and a $60.00 price objective for the company. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Hold” and a consensus target price of $51.81.

Insider Activity

In other news, Director Scott Shoemaker sold 611 shares of the company’s stock in a transaction on Tuesday, September 15th. The stock was sold at an average price of $56.36, for a total value of $34,435.96. Following the sale, the director directly owned 2,000 shares in the company, valued at $112,720. This represents a 23.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Chairman Alan Gold acquired 40,000 shares of the firm’s stock in a transaction that occurred on Thursday, October 8th. The shares were bought at an average cost of $25.00 per share, for a total transaction of $1,000,000.00. Following the purchase, the chairman owned 40,000 shares of the company’s stock, valued at approximately $1,000,000. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Company insiders own 2.30% of the company’s stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry in the United States. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and manufacturing facilities used by state-licensed cannabis operators.

Innovative Industrial Properties generally leases its properties to cannabis companies under long-term, typically triple-net lease agreements. Under these arrangements, tenants are generally responsible for property-level operating expenses, while the company provides real estate capital and manages its portfolio as a landlord.

Founded in 2016, Innovative Industrial Properties has expanded through property acquisitions, sale-leaseback transactions and investments in the development or redevelopment of cannabis facilities.