Western Wealth Management LLC Takes Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Western Wealth Management LLC acquired a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 4th quarter, Holdings Channel.com reports. The firm acquired 3,079 shares of the company’s stock, valued at approximately $310,000.

Several other institutional investors have also modified their holdings of IIPR. Headlands Technologies LLC bought a new stake in Innovative Industrial Properties in the 3rd quarter valued at approximately $25,000. FNY Investment Advisers LLC bought a new stake in Innovative Industrial Properties in the 4th quarter valued at approximately $40,000. Global Retirement Partners LLC lifted its stake in Innovative Industrial Properties by 67.6% in the 3rd quarter. Global Retirement Partners LLC now owns 796 shares of the company’s stock valued at $58,000 after acquiring an additional 321 shares in the last quarter. Headinvest LLC bought a new stake in Innovative Industrial Properties in the 3rd quarter valued at approximately $62,000. Finally, Independence Bank of Kentucky lifted its stake in Innovative Industrial Properties by 82.9% in the 4th quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock valued at $65,000 after acquiring an additional 290 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR opened at $96.62 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.22 and a quick ratio of 14.22. The stock’s fifty day moving average price is $97.10 and its two-hundred day moving average price is $90.21. Innovative Industrial Properties, Inc. has a one year low of $63.36 and a one year high of $105.81. The firm has a market cap of $2.72 billion, a price-to-earnings ratio of 16.75 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Monday, February 26th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.62). Innovative Industrial Properties had a net margin of 53.50% and a return on equity of 8.54%. The company had revenue of $79.16 million for the quarter, compared to the consensus estimate of $76.55 million. On average, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $1.82 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $7.28 annualized dividend and a dividend yield of 7.53%. Innovative Industrial Properties’s dividend payout ratio is currently 126.17%.

Analyst Ratings Changes

IIPR has been the topic of a number of analyst reports. Piper Sandler upped their price objective on Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a research note on Thursday, February 29th. TheStreet upgraded Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research note on Wednesday, January 10th. Four research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $92.67.

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.