Quinn Opportunity Partners LLC Purchases 25,500 Shares of Innovative Industrial Properties, Inc. $IIPR

Quinn Opportunity Partners LLC grew its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 62.2% during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 66,500 shares of the company’s stock after buying an additional 25,500 shares during the quarter. Quinn Opportunity Partners LLC owned 0.24% of Innovative Industrial Properties worth $3,563,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Thrivent Financial for Lutherans increased its position in shares of Innovative Industrial Properties by 20.7% during the 2nd quarter. Thrivent Financial for Lutherans now owns 156,852 shares of the company’s stock valued at $8,662,000 after purchasing an additional 26,847 shares during the last quarter. JPMorgan Chase & Co. boosted its holdings 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 buying an additional 27,115 shares during the last quarter. Summit Global Investments bought a new position in Innovative Industrial Properties during the third quarter valued at about $1,178,000. Allianz Asset Management GmbH grew its position in Innovative Industrial Properties by 71.6% during the third quarter. Allianz Asset Management GmbH now owns 26,861 shares of the company’s stock valued at $1,439,000 after buying an additional 11,206 shares during the period. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in Innovative Industrial Properties during the second quarter worth about $260,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $52.68 on Friday. 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 has a market cap of $1.48 billion, a PE ratio of 13.44 and a beta of 1.45. Innovative Industrial Properties, Inc. has a 52 week low of $44.58 and a 52 week high of $70.19. The firm’s 50-day simple moving average is $50.00 and its two-hundred day simple moving average is $51.89.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, February 23rd. The company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.17. Innovative Industrial Properties had a net margin of 44.46% and a return on equity of 6.43%. The company had revenue of $66.66 million for the quarter, compared to analysts’ expectations of $66.16 million. During the same period in the prior year, the company posted $2.03 EPS. Innovative Industrial Properties’s revenue was down 13.1% compared to the same quarter last year. Research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be given a dividend of $1.90 per share. The ex-dividend date is Tuesday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 14.4%. Innovative Industrial Properties’s dividend payout ratio is currently 193.88%.

Analyst Ratings Changes

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

Innovative Industrial Properties Company 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.