SG Americas Securities LLC Takes $155,000 Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

SG Americas Securities LLC purchased a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the third quarter, Holdings Channel reports. The firm purchased 1,154 shares of the company’s stock, valued at approximately $155,000.

Several other institutional investors also recently added to or reduced their stakes in IIPR. Blue Trust Inc. grew its position in shares of Innovative Industrial Properties by 2,085.7% during the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after acquiring an additional 438 shares during the last quarter. Signaturefd LLC increased its stake in Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares during the period. Federated Hermes Inc. raised its holdings in shares of Innovative Industrial Properties by 138.1% in the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after buying an additional 312 shares during the last quarter. Plato Investment Management Ltd acquired a new stake in shares of Innovative Industrial Properties during the first quarter worth about $80,000. Finally, Central Bank & Trust Co. purchased a new position in shares of Innovative Industrial Properties during the second quarter worth about $107,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have commented on the company. Piper Sandler upped their price objective on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. Roth Mkm increased their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $133.60 on Friday. The stock has a market capitalization of $3.78 billion, a price-to-earnings ratio of 23.44 and a beta of 1.35. The business’s 50 day moving average is $128.88 and its two-hundred day moving average is $116.14. Innovative Industrial Properties, Inc. has a 12-month low of $69.08 and a 12-month high of $138.35. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The business had revenue of $79.79 million for the quarter, compared to analyst estimates of $77.18 million. During the same period in the prior year, the company earned $2.26 EPS. The company’s revenue was up 4.4% on a year-over-year basis. Research analysts expect that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $1.90 dividend. The ex-dividend date was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 5.69%. Innovative Industrial Properties’s dividend payout ratio is presently 133.33%.

About Innovative Industrial Properties

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.