US Bancorp DE Raises Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

US Bancorp DE lifted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 75.3% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 440 shares of the company’s stock after buying an additional 189 shares during the period. US Bancorp DE’s holdings in Innovative Industrial Properties were worth $59,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. USA Financial Formulas purchased a new position in Innovative Industrial Properties during the third quarter worth approximately $25,000. Blue Trust Inc. raised its position in shares of Innovative Industrial Properties by 2,085.7% in the 2nd 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 boosted its holdings in Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after acquiring an additional 150 shares during the last quarter. Federated Hermes Inc. grew its position in Innovative Industrial Properties by 138.1% during the second 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. Finally, Plato Investment Management Ltd acquired a new stake in Innovative Industrial Properties during the first quarter worth about $80,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock opened at $102.23 on Monday. The firm has a market cap of $2.90 billion, a PE ratio of 18.19 and a beta of 1.37. Innovative Industrial Properties, Inc. has a 1 year low of $77.88 and a 1 year high of $138.35. The firm’s 50-day simple moving average is $127.93 and its 200-day simple moving average is $118.75. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53.

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

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 7.43%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

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.