Legal & General Group Plc Acquires 22,926 Shares of Innovative Industrial Properties, Inc. $IIPR

Legal & General Group Plc raised its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 13.4% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 193,926 shares of the company’s stock after purchasing an additional 22,926 shares during the quarter. Legal & General Group Plc owned approximately 0.69% of Innovative Industrial Properties worth $9,184,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. International Assets Investment Management LLC acquired a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at $25,000. FNY Investment Advisers LLC acquired a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at $32,000. Advisory Services Network LLC acquired a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at $34,000. Huntington National Bank increased its stake in shares of Innovative Industrial Properties by 110.6% in the 3rd quarter. Huntington National Bank now owns 697 shares of the company’s stock valued at $37,000 after buying an additional 366 shares during the period. Finally, Headlands Technologies LLC increased its stake in shares of Innovative Industrial Properties by 109.4% in the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock valued at $42,000 after buying an additional 396 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several research firms have recently commented on IIPR. Weiss Ratings raised Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Piper Sandler lifted their target price 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. Zacks Research cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Finally, Compass Point raised Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 target price for the company in a research note on Tuesday, March 3rd. Four research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average price target of $45.00.

Innovative Industrial Properties Stock Up 1.7%

Shares of Innovative Industrial Properties stock opened at $58.26 on Friday. The company has a quick ratio of 6.06, a current ratio of 6.06 and a debt-to-equity ratio of 0.20. Innovative Industrial Properties, Inc. has a 12 month low of $44.58 and a 12 month high of $61.40. The business has a fifty day simple moving average of $54.22 and a 200 day simple moving average of $51.80. The stock has a market cap of $1.68 billion, a PE ratio of 14.90 and a beta of 1.42.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, May 4th. The company reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.05). The company had revenue of $69.00 million for the quarter, compared to analyst estimates of $65.65 million. Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The firm’s revenue for the quarter was down 3.1% on a year-over-year basis. During the same period last year, the firm earned $1.94 earnings per share. Research analysts predict that Innovative Industrial Properties, Inc. will post 7.1 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.0%. The ex-dividend date was Tuesday, March 31st. Innovative Industrial Properties’s payout ratio is 194.37%.

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.