Louisiana State Employees Retirement System Acquires New Position in Innovative Industrial Properties, Inc. $IIPR

Louisiana State Employees Retirement System acquired a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the first quarter, HoldingsChannel.com reports. The fund acquired 12,400 shares of the company’s stock, valued at approximately $622,000.

Other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Innovative Industrial Properties by 4.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 540,742 shares of the company’s stock worth $25,610,000 after purchasing an additional 23,901 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Innovative Industrial Properties by 26.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 509,124 shares of the company’s stock worth $24,112,000 after buying an additional 105,569 shares in the last quarter. Invesco Ltd. boosted its stake in Innovative Industrial Properties by 12.1% during the fourth quarter. Invesco Ltd. now owns 493,507 shares of the company’s stock worth $23,372,000 after buying an additional 53,143 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in Innovative Industrial Properties by 4.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 350,367 shares of the company’s stock valued at $16,593,000 after buying an additional 16,426 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of Innovative Industrial Properties by 5.7% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 304,527 shares of the company’s stock worth $16,317,000 after acquiring an additional 16,471 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IIPR has been the topic of several recent research reports. Zacks Research cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Weiss Ratings raised shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and an average price target of $45.00.

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock opened at $61.86 on Wednesday. The company’s 50 day moving average is $58.53 and its two-hundred day moving average is $53.43. The firm has a market cap of $1.78 billion, a PE ratio of 15.82 and a beta of 1.39. 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 52-week low of $44.58 and a 52-week high of $63.71.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data 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). The company had revenue of $69.00 million during the quarter, compared to analyst estimates of $65.65 million. Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. The firm’s revenue was down 3.1% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.94 earnings per share. On average, research analysts expect that Innovative Industrial Properties, Inc. will post 7.1 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 12.3%. The ex-dividend date is Tuesday, June 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 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.