Hsbc Holdings PLC Increases Stock Position in Innovative Industrial Properties, Inc. $IIPR

Hsbc Holdings PLC grew its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 22.2% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,089 shares of the company’s stock after purchasing an additional 8,189 shares during the quarter. Hsbc Holdings PLC owned approximately 0.16% of Innovative Industrial Properties worth $2,135,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. International Assets Investment Management LLC acquired a new position in shares of Innovative Industrial Properties during the 4th quarter worth approximately $25,000. FNY Investment Advisers LLC acquired a new stake in Innovative Industrial Properties during the 3rd quarter valued at $32,000. Advisory Services Network LLC purchased a new position in Innovative Industrial Properties during the third quarter worth $34,000. Los Angeles Capital Management LLC purchased a new position in Innovative Industrial Properties during the fourth quarter worth $35,000. Finally, Huntington National Bank raised its holdings in shares of Innovative Industrial Properties by 110.6% in the third quarter. Huntington National Bank now owns 697 shares of the company’s stock worth $37,000 after acquiring an additional 366 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Up 0.9%

IIPR stock opened at $63.52 on Tuesday. The stock has a market capitalization of $1.83 billion, a P/E ratio of 16.24 and a beta of 1.42. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.06 and a current ratio of 6.06. Innovative Industrial Properties, Inc. has a one year low of $44.58 and a one year high of $63.64. The company has a 50 day moving average price of $57.50 and a two-hundred day moving average price of $53.15.

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

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 12.0%. The ex-dividend date of this dividend is Tuesday, June 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 194.37%.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on IIPR shares. Compass Point upgraded Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price objective on the stock in a research report on Tuesday, March 3rd. Weiss Ratings upgraded Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Finally, Zacks Research downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Four research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Reduce” and an average price target of $45.00.

Innovative Industrial Properties 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.