Metis Global Partners LLC Boosts Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Metis Global Partners LLC increased its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 29.6% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,917 shares of the company’s stock after purchasing an additional 667 shares during the quarter. Metis Global Partners LLC’s holdings in Innovative Industrial Properties were worth $393,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of the business. USA Financial Formulas bought a new stake in shares of Innovative Industrial Properties in the 3rd quarter worth approximately $25,000. Blue Trust Inc. boosted its holdings in Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after acquiring an additional 438 shares in the last quarter. Signaturefd LLC increased its position in Innovative Industrial Properties by 42.3% during the 2nd 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 Innovative Industrial Properties by 138.1% in the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after purchasing an additional 312 shares in the last quarter. Finally, US Bancorp DE lifted its position in shares of Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after purchasing an additional 189 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on IIPR. Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a research report on Friday, November 8th. Piper Sandler reduced their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Roth Mkm raised their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Moderate Buy” and a consensus price target of $127.67.

Innovative Industrial Properties Price Performance

IIPR stock opened at $104.76 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The firm has a 50 day moving average price of $127.93 and a 200-day moving average price of $118.75. Innovative Industrial Properties, Inc. has a 52-week low of $77.88 and a 52-week high of $138.35. The firm has a market capitalization of $2.97 billion, a price-to-earnings ratio of 18.64 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. During the same quarter in the previous year, the firm posted $2.29 EPS. The firm’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 7.25%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s payout ratio is 135.23%.

Innovative Industrial Properties Company 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.