State of New Jersey Common Pension Fund D Lowers Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

State of New Jersey Common Pension Fund D reduced its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 10.5% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 15,707 shares of the company’s stock after selling 1,839 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Innovative Industrial Properties were worth $2,114,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. USA Financial Formulas purchased a new position in shares of Innovative Industrial Properties in the 3rd quarter worth about $25,000. US Bancorp DE lifted its position in Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after buying an additional 189 shares in the last quarter. Blue Trust Inc. grew its stake in 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 buying an additional 438 shares during the period. Signaturefd LLC increased its position in shares of Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after acquiring an additional 150 shares in the last quarter. Finally, Federated Hermes Inc. raised its stake in shares of Innovative Industrial Properties by 138.1% in the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after acquiring an additional 312 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analysts Set New Price Targets

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

Innovative Industrial Properties Stock Up 0.5 %

Shares of NYSE:IIPR opened at $103.56 on Friday. Innovative Industrial Properties, Inc. has a 12-month low of $77.88 and a 12-month high of $138.35. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.93 billion, a PE ratio of 18.43 and a beta of 1.37. The company has a fifty day simple moving average of $128.67 and a 200 day simple moving average of $118.63.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results 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). The company had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter last year, the company posted $2.29 EPS. On average, equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.4 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 7.34%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is currently 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.