Arizona State Retirement System Has $862,000 Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Arizona State Retirement System raised its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 2.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 7,895 shares of the company’s stock after buying an additional 189 shares during the quarter. Arizona State Retirement System’s holdings in Innovative Industrial Properties were worth $862,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the company. Convergence Investment Partners LLC raised its holdings in shares of Innovative Industrial Properties by 29.8% during the second quarter. Convergence Investment Partners LLC now owns 19,246 shares of the company’s stock worth $2,102,000 after acquiring an additional 4,424 shares in the last quarter. Van ECK Associates Corp lifted its position in shares of Innovative Industrial Properties by 7.6% in the second quarter. Van ECK Associates Corp now owns 4,312 shares of the company’s stock worth $471,000 after buying an additional 306 shares during the last quarter. Commonwealth Equity Services LLC boosted its stake in shares of Innovative Industrial Properties by 5.5% during the 2nd quarter. Commonwealth Equity Services LLC now owns 31,379 shares of the company’s stock worth $3,427,000 after acquiring an additional 1,648 shares in the last quarter. Focused Wealth Management Inc grew its holdings in Innovative Industrial Properties by 2.4% during the second quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock valued at $432,000 after purchasing an additional 93 shares during the last quarter. Finally, International Assets Investment Management LLC bought a new position in Innovative Industrial Properties in the 2nd quarter worth $165,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. Roth Mkm raised their price target on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Piper Sandler upped their price target on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, August 9th.

Innovative Industrial Properties Trading Up 1.8 %

NYSE:IIPR opened at $129.16 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 18.06 and a quick ratio of 18.06. The stock has a market capitalization of $3.66 billion, a PE ratio of 22.66 and a beta of 1.35. The business’s 50-day simple moving average is $119.87 and its 200-day simple moving average is $109.34. Innovative Industrial Properties, Inc. has a fifty-two week low of $69.08 and a fifty-two week high of $129.45.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The firm had revenue of $79.79 million for the quarter, compared to analyst estimates of $77.18 million. During the same quarter in the previous year, the firm posted $2.26 earnings per share. Innovative Industrial Properties’s quarterly revenue was up 4.4% on a year-over-year basis. Sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.41 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be paid a $1.90 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 5.88%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 133.33%.

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.