B. Riley Wealth Advisors Inc. Buys 1,800 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

B. Riley Wealth Advisors Inc. raised its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 58.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,875 shares of the company’s stock after purchasing an additional 1,800 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Innovative Industrial Properties were worth $542,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. Pinebridge Investments L.P. purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at about $763,000. LSV Asset Management raised its position in shares of Innovative Industrial Properties by 124.4% during the 1st quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after buying an additional 56,200 shares in the last quarter. Prevail Innovative Wealth Advisors LLC purchased a new stake in shares of Innovative Industrial Properties during the 1st quarter valued at about $2,046,000. SG Americas Securities LLC raised its position in shares of Innovative Industrial Properties by 75.7% during the 1st quarter. SG Americas Securities LLC now owns 19,573 shares of the company’s stock valued at $2,027,000 after buying an additional 8,436 shares in the last quarter. Finally, Texas Permanent School Fund Corp raised its position in Innovative Industrial Properties by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 24,540 shares of the company’s stock worth $2,541,000 after purchasing an additional 328 shares during the period. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 0.4 %

NYSE IIPR opened at $131.47 on Friday. The company has a fifty day simple moving average of $124.91 and a two-hundred day simple moving average of $113.31. The stock has a market cap of $3.72 billion, a P/E ratio of 23.06 and a beta of 1.35. Innovative Industrial Properties, Inc. has a 12-month low of $69.08 and a 12-month high of $138.35. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results 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 during 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%. The company’s quarterly revenue was up 4.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.26 EPS. On average, analysts forecast that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued 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 dividend yield of 5.78%. Innovative Industrial Properties’s dividend payout ratio is currently 133.33%.

Analysts Set New Price Targets

A number of analysts recently weighed in on IIPR shares. Piper Sandler increased their price objective on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Roth Mkm increased 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 note on Monday, July 22nd. Finally, Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd.

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.