Blue Trust Inc. Buys 814 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Blue Trust Inc. lifted its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 177.3% in the third quarter, Holdings Channel.com reports. The fund owned 1,273 shares of the company’s stock after purchasing an additional 814 shares during the period. Blue Trust Inc.’s holdings in Innovative Industrial Properties were worth $171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also recently made changes to their positions in the stock. AlphaMark Advisors LLC purchased a new stake in shares of Innovative Industrial Properties in the third quarter worth $374,000. Good Life Advisors LLC purchased a new stake in shares of Innovative Industrial Properties in the third quarter worth $334,000. BOS Asset Management LLC purchased a new stake in shares of Innovative Industrial Properties in the third quarter worth $221,000. USA Financial Formulas purchased a new stake in shares of Innovative Industrial Properties in the third quarter worth $25,000. Finally, Hoxton Planning & Management LLC purchased a new stake in shares of Innovative Industrial Properties in the third quarter worth $233,000. 70.58% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

IIPR has been the topic of a number of recent analyst reports. Roth Mkm increased their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Piper Sandler increased their price objective on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Finally, Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd.

Innovative Industrial Properties Trading Down 1.3 %

NYSE IIPR opened at $131.88 on Friday. The stock’s 50-day simple moving average is $129.15 and its two-hundred day simple moving average is $116.43. Innovative Industrial Properties, Inc. has a twelve month low of $69.08 and a twelve month high of $138.35. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of 23.14 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results 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 net margin of 52.73% and a return on equity of 8.50%. The firm had revenue of $79.79 million for the quarter, compared to analysts’ expectations of $77.18 million. During the same quarter in the previous year, the business earned $2.26 EPS. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. Research analysts forecast that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed 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 annualized dividend and a dividend yield of 5.76%. Innovative Industrial Properties’s dividend payout ratio is currently 133.33%.

Innovative Industrial Properties Profile

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.