Swiss National Bank Sells 100 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Swiss National Bank reduced its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 0.2% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 55,400 shares of the company’s stock after selling 100 shares during the quarter. Swiss National Bank owned approximately 0.20% of Innovative Industrial Properties worth $7,457,000 as of its most recent SEC filing.

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

Innovative Industrial Properties Price Performance

Shares of IIPR opened at $111.89 on Tuesday. Innovative Industrial Properties, Inc. has a 52-week low of $78.10 and a 52-week high of $138.35. 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 business’s 50 day moving average price is $125.93 and its two-hundred day moving average price is $118.65. The firm has a market cap of $3.17 billion, a PE ratio of 20.01 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate 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 business had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same period last year, the firm posted $2.29 earnings per share. Innovative Industrial Properties’s quarterly revenue was down 1.7% compared to the same quarter last year. On average, equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.79%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s payout ratio is 135.23%.

Wall Street Analyst Weigh In

A number of research firms recently commented on IIPR. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a research note on Friday, November 8th. Finally, Piper Sandler cut their price objective on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Two 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 data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $127.67.

About Innovative Industrial Properties

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.