SG Americas Securities LLC Acquires 13,079 Shares of Innovative Industrial Properties, Inc. $IIPR

SG Americas Securities LLC boosted its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 110.4% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 24,928 shares of the company’s stock after acquiring an additional 13,079 shares during the period. SG Americas Securities LLC’s holdings in Innovative Industrial Properties were worth $1,181,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in IIPR. Royal Bank of Canada raised its stake in Innovative Industrial Properties by 34.4% in the 1st quarter. Royal Bank of Canada now owns 14,318 shares of the company’s stock valued at $773,000 after acquiring an additional 3,667 shares during the period. Amundi raised its stake in Innovative Industrial Properties by 3.4% in the 1st quarter. Amundi now owns 15,766 shares of the company’s stock valued at $826,000 after acquiring an additional 523 shares during the period. AQR Capital Management LLC bought a new stake in Innovative Industrial Properties in the 1st quarter valued at $1,470,000. Millennium Management LLC raised its stake in Innovative Industrial Properties by 1,131.0% in the 1st quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock valued at $8,520,000 after acquiring an additional 144,714 shares during the period. Finally, Goldman Sachs Group Inc. raised its stake in Innovative Industrial Properties by 6.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company’s stock valued at $11,433,000 after acquiring an additional 13,291 shares during the period. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

IIPR opened at $49.92 on Wednesday. The firm has a market cap of $1.40 billion, a P/E ratio of 12.73 and a beta of 1.45. Innovative Industrial Properties, Inc. has a 52-week low of $44.58 and a 52-week high of $59.83. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.38 and a current ratio of 4.38. The business’s fifty day moving average is $50.52 and its 200-day moving average is $51.20.

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

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Investors of record on Tuesday, March 31st will be given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 15.2%. The ex-dividend date is Tuesday, March 31st. Innovative Industrial Properties’s dividend payout ratio is currently 193.88%.

Analyst Ratings Changes

IIPR has been the topic of a number of research analyst reports. Piper Sandler increased their price target on Innovative Industrial Properties from $44.00 to $45.00 and gave the company an “underweight” rating in a research note on Wednesday, February 25th. Weiss Ratings cut Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, March 25th. Finally, Compass Point raised Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price objective on the stock in a report on Tuesday, March 3rd. Two analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of “Reduce” and a consensus price target of $49.00.

About Innovative Industrial Properties

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.