VIRGINIA RETIREMENT SYSTEMS ET Al Acquires Shares of 56,665 Innovative Industrial Properties, Inc. $IIPR

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 2nd quarter, HoldingsChannel.com reports. The institutional investor bought 56,665 shares of the company’s stock, valued at approximately $3,512,000.

Other large investors also recently made changes to their positions in the company. PNC Financial Services Group Inc. grew its holdings in shares of Innovative Industrial Properties by 6.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,173 shares of the company’s stock valued at $159,000 after acquiring an additional 182 shares in the last quarter. Daiwa Securities Group Inc. grew its position in shares of Innovative Industrial Properties by 2.1% during the 2nd quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company’s stock valued at $545,000 after acquiring an additional 207 shares during the period. Allworth Financial LP increased its position in Innovative Industrial Properties by 4.6% in the fourth quarter. Allworth Financial LP now owns 4,714 shares of the company’s stock worth $223,000 after buying an additional 208 shares during the last quarter. PFG Investments LLC increased its holdings in Innovative Industrial Properties by 3.3% in the 1st quarter. PFG Investments LLC now owns 7,300 shares of the company’s stock worth $366,000 after acquiring an additional 231 shares during the last quarter. Finally, Freestone Grove Partners LP increased its stake in shares of Innovative Industrial Properties by 2.0% in the fourth quarter. Freestone Grove Partners LP now owns 12,467 shares of the company’s stock worth $590,000 after purchasing an additional 250 shares in the last quarter. 70.58% of the stock is owned by institutional investors.

Insider Transactions at Innovative Industrial Properties

In other news, Director Bruce Ives purchased 528 shares of the company’s stock in a transaction on Monday, August 31st. The stock was purchased at an average price of $56.70 per share, with a total value of $29,937.60. Following the completion of the purchase, the director directly owned 3,180 shares in the company, valued at approximately $180,306. This trade represents a 19.91% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 2.30% of the stock is currently owned by company insiders.

Innovative Industrial Properties Price Performance

IIPR stock opened at $57.03 on Thursday. The company has a debt-to-equity ratio of 0.35, a current ratio of 24.51 and a quick ratio of 24.51. Innovative Industrial Properties, Inc. has a one year low of $44.58 and a one year high of $65.38. The stock has a market cap of $1.57 billion, a PE ratio of 12.93 and a beta of 1.35. The firm has a 50 day simple moving average of $59.54 and a two-hundred day simple moving average of $56.70.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data 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. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. The firm had revenue of $63.31 million for the quarter, compared to analysts’ expectations of $67.09 million. On average, analysts predict that Innovative Industrial Properties, Inc. will post 7.05 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

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

Analysts Set New Price Targets

A number of brokerages have recently issued reports on IIPR. Weiss Ratings raised shares of Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Piper Sandler raised their price target on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the company an “underweight” rating in a report on Tuesday, July 21st. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price 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.