Exchange Traded Concepts LLC Purchases 16,071 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Exchange Traded Concepts LLC increased its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 100.2% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 32,106 shares of the company’s stock after buying an additional 16,071 shares during the period. Exchange Traded Concepts LLC owned 0.11% of Innovative Industrial Properties worth $1,737,000 at the end of the most recent reporting period.

A number of other large investors have also bought and sold shares of the stock. Vanguard Group Inc. grew its holdings in Innovative Industrial Properties by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock worth $294,798,000 after purchasing an additional 64,908 shares during the period. Charles Schwab Investment Management Inc. grew its holdings in Innovative Industrial Properties by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock worth $30,958,000 after purchasing an additional 7,179 shares during the period. Northern Trust Corp grew its holdings in Innovative Industrial Properties by 20.6% in the fourth quarter. Northern Trust Corp now owns 435,879 shares of the company’s stock worth $29,047,000 after purchasing an additional 74,342 shares during the period. Bank of New York Mellon Corp grew its holdings in Innovative Industrial Properties by 25.8% in the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock worth $25,233,000 after purchasing an additional 77,552 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in Innovative Industrial Properties by 2.2% in the fourth quarter. Dimensional Fund Advisors LP now owns 342,123 shares of the company’s stock worth $22,799,000 after purchasing an additional 7,272 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on IIPR shares. Compass Point restated a “sell” rating and issued a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Roth Mkm reduced their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, February 21st. Industrial Alliance Securities restated a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Wolfe Research started coverage on shares of Innovative Industrial Properties in a report on Wednesday, April 23rd. They set an “outperform” rating and a $57.00 price objective for the company. Finally, Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a report on Tuesday, April 15th. Two research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $78.67.

Innovative Industrial Properties Stock Down 0.6%

Innovative Industrial Properties stock opened at $56.87 on Wednesday. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $138.35. The stock has a market cap of $1.59 billion, a PE ratio of 10.94 and a beta of 1.70. The firm’s 50-day simple moving average is $54.41 and its 200 day simple moving average is $66.59. The company has a debt-to-equity ratio of 0.15, a quick ratio of 10.73 and a current ratio of 10.73.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.12). Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 50.30%. The firm had revenue of $71.72 million for the quarter, compared to analysts’ expectations of $72.20 million. During the same quarter last year, the firm posted $2.21 earnings per share. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. Research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 13.36%. The ex-dividend date is Monday, June 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 146.15%.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities. Innovative Industrial Properties, Inc has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.