State of New Jersey Common Pension Fund D Acquires Shares of 17,546 Innovative Industrial Properties, Inc. (NYSE:IIPR)

State of New Jersey Common Pension Fund D bought a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 17,546 shares of the company’s stock, valued at approximately $1,916,000. State of New Jersey Common Pension Fund D owned approximately 0.06% of Innovative Industrial Properties at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. B&I Capital AG increased its holdings in Innovative Industrial Properties by 6.0% during the 2nd quarter. B&I Capital AG now owns 15,160 shares of the company’s stock worth $1,656,000 after purchasing an additional 860 shares in the last quarter. Texas Permanent School Fund Corp grew its holdings in Innovative Industrial Properties by 13.0% during the second quarter. Texas Permanent School Fund Corp now owns 27,721 shares of the company’s stock worth $3,028,000 after buying an additional 3,181 shares in the last quarter. LSV Asset Management raised its position in Innovative Industrial Properties by 21.0% in the 2nd quarter. LSV Asset Management now owns 122,646 shares of the company’s stock valued at $13,395,000 after buying an additional 21,273 shares during the last quarter. Koss Olinger Consulting LLC purchased a new position in Innovative Industrial Properties during the 2nd quarter worth $590,000. Finally, Private Advisor Group LLC boosted its holdings in Innovative Industrial Properties by 5.7% during the 2nd quarter. Private Advisor Group LLC now owns 16,724 shares of the company’s stock worth $1,827,000 after acquiring an additional 907 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Down 0.6 %

Shares of NYSE:IIPR opened at $134.91 on Friday. Innovative Industrial Properties, Inc. has a 1 year low of $69.08 and a 1 year high of $138.00. The company has a market capitalization of $3.82 billion, a PE ratio of 23.67 and a beta of 1.35. The business has a fifty day moving average price of $122.16 and a two-hundred day moving average price of $110.73. The company has a debt-to-equity ratio of 0.15, a current ratio of 18.06 and a quick ratio of 18.06.

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

Innovative Industrial Properties Dividend Announcement

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 annualized dividend and a yield of 5.63%. Innovative Industrial Properties’s payout ratio is 133.33%.

Wall Street Analyst Weigh In

IIPR has been the subject of several analyst reports. Roth Mkm increased their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Piper Sandler increased their price objective on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, August 9th.

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.