VIRGINIA RETIREMENT SYSTEMS ET Al Invests $3.44 Million in Innovative Industrial Properties, Inc. $IIPR

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 4th quarter, Holdings Channel.com reports. The institutional investor bought 72,550 shares of the company’s stock, valued at approximately $3,436,000.

Other hedge funds have also added to or reduced their stakes in the company. International Assets Investment Management LLC acquired a new stake in 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 worth approximately $32,000. Advisory Services Network LLC acquired a new stake in Innovative Industrial Properties during the 3rd quarter worth approximately $34,000. Huntington National Bank lifted its holdings in Innovative Industrial Properties by 110.6% during the 3rd quarter. Huntington National Bank now owns 697 shares of the company’s stock worth $37,000 after purchasing an additional 366 shares during the last quarter. Finally, Headlands Technologies LLC lifted its holdings in Innovative Industrial Properties by 109.4% during the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock worth $42,000 after purchasing an additional 396 shares during the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $54.84 on Friday. The stock has a market capitalization of $1.58 billion, a PE ratio of 14.02 and a beta of 1.43. The company has a debt-to-equity ratio of 0.20, a current ratio of 6.06 and a quick ratio of 6.06. The business has a fifty day moving average price of $53.23 and a two-hundred day moving average price of $51.17. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $61.40.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Monday, May 4th. The company reported $1.02 earnings per share (EPS) 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 the consensus estimate of $65.65 million. During the same quarter in the previous year, the business posted $1.94 EPS. The company’s revenue for the quarter was down 3.1% on a year-over-year basis. As a group, equities analysts predict that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st were paid a $1.90 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 13.9%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 194.37%.

Analyst Upgrades and Downgrades

IIPR has been the subject of several research reports. Piper Sandler lifted their price target on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a report on Wednesday, February 25th. Compass Point raised Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price target for the company in a report on Tuesday, March 3rd. Zacks Research cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Finally, Weiss Ratings cut Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a report on Friday, May 8th. Three equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and an average target price of $45.00.

Innovative Industrial Properties Company 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.