Innovative Industrial Properties, Inc. $IIPR Stake Increased by Pacer Advisors Inc.

Pacer Advisors Inc. increased its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 12.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 130,218 shares of the company’s stock after acquiring an additional 14,253 shares during the period. Pacer Advisors Inc. owned about 0.45% of Innovative Industrial Properties worth $6,532,000 at the end of the most recent reporting period.

A number of other institutional investors also recently modified their holdings of the stock. International Assets Investment Management LLC acquired a new stake in Innovative Industrial Properties during the fourth quarter valued at $25,000. Advisory Services Network LLC bought a new stake in Innovative Industrial Properties during the third quarter worth approximately $34,000. Los Angeles Capital Management LLC bought a new stake in shares of Innovative Industrial Properties during the 4th quarter worth $35,000. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Innovative Industrial Properties by 33.4% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 819 shares of the company’s stock valued at $39,000 after acquiring an additional 205 shares during the period. Finally, Headlands Technologies LLC boosted its stake in Innovative Industrial Properties by 109.4% during the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock valued at $42,000 after purchasing an additional 396 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 3.0%

NYSE:IIPR opened at $58.57 on Thursday. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $65.38. The company has a debt-to-equity ratio of 0.35, a current ratio of 24.51 and a quick ratio of 6.06. The stock has a market capitalization of $1.69 billion, a PE ratio of 13.28 and a beta of 1.38. The business’s 50-day simple moving average is $61.03 and its 200-day simple moving average is $55.17.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.02 by $0.34. The business had revenue of $63.31 million during 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%. Sell-side analysts expect that Innovative Industrial Properties, Inc. will post 6.97 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given 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 dividend yield of 13.0%. Innovative Industrial Properties’s dividend payout ratio is currently 172.34%.

Wall Street Analyst Weigh In

Several research firms have issued reports on IIPR. Piper Sandler raised their price target on shares of 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 upgraded Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Finally, Zacks Research lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Three equities research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Reduce” and an average price target of $48.00.

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.