PNC Financial Services Group Inc. Has $304,000 Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

PNC Financial Services Group Inc. raised its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 91.1% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,014 shares of the company’s stock after purchasing an additional 1,437 shares during the period. PNC Financial Services Group Inc.’s holdings in Innovative Industrial Properties were worth $304,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its stake in Innovative Industrial Properties by 4.2% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 378,945 shares of the company’s stock valued at $38,205,000 after purchasing an additional 15,445 shares during the period. Northern Trust Corp boosted its position in shares of Innovative Industrial Properties by 8.6% in the third quarter. Northern Trust Corp now owns 358,166 shares of the company’s stock valued at $27,099,000 after acquiring an additional 28,403 shares during the period. Norges Bank acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter worth $31,116,000. Dimensional Fund Advisors LP increased its position in Innovative Industrial Properties by 57.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 202,637 shares of the company’s stock worth $20,430,000 after acquiring an additional 74,289 shares during the period. Finally, Principal Financial Group Inc. raised its stake in Innovative Industrial Properties by 1.3% during the 4th quarter. Principal Financial Group Inc. now owns 172,647 shares of the company’s stock valued at $17,406,000 after purchasing an additional 2,138 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

Shares of Innovative Industrial Properties stock opened at $109.22 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 14.27 and a quick ratio of 14.27. The company has a market cap of $3.09 billion, a PE ratio of 19.16 and a beta of 1.51. The firm has a fifty day moving average price of $107.14 and a two-hundred day moving average price of $100.33. Innovative Industrial Properties, Inc. has a fifty-two week low of $69.08 and a fifty-two week high of $115.75.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, May 8th. The company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.74). Innovative Industrial Properties had a net margin of 53.07% and a return on equity of 8.46%. The company had revenue of $75.45 million during the quarter, compared to the consensus estimate of $79.65 million. Analysts expect that Innovative Industrial Properties, Inc. will post 8.5 EPS for the current year.

Innovative Industrial Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 6.96%. The ex-dividend date of this dividend is Thursday, June 27th. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $1.82. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 133.33%.

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.