Mackenzie Financial Corp Purchases New Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Mackenzie Financial Corp bought a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,177 shares of the company’s stock, valued at approximately $238,000.

A number of other institutional investors and hedge funds also recently modified their holdings of IIPR. Blue Trust Inc. raised its holdings in shares of Innovative Industrial Properties by 2,085.7% during the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after purchasing an additional 438 shares during the period. GAMMA Investing LLC grew its position in shares of Innovative Industrial Properties by 84.9% during the first quarter. GAMMA Investing LLC now owns 525 shares of the company’s stock worth $54,000 after acquiring an additional 241 shares during the last quarter. Signaturefd LLC grew its position in shares of Innovative Industrial Properties by 42.3% during the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after acquiring an additional 150 shares during the last quarter. Federated Hermes Inc. grew its position in shares of Innovative Industrial Properties by 138.1% during the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after acquiring an additional 312 shares during the last quarter. Finally, Newbridge Financial Services Group Inc. grew its position in Innovative Industrial Properties by 251.0% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 723 shares of the company’s stock valued at $73,000 after buying an additional 517 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on IIPR shares. Piper Sandler increased their target price on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Finally, Roth Mkm upped 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.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $129.35 on Tuesday. The company has a 50 day simple moving average of $125.02 and a 200-day simple moving average of $113.59. 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 firm has a market capitalization of $3.66 billion, a price-to-earnings ratio of 22.69 and a beta of 1.35. Innovative Industrial Properties, Inc. has a 52-week low of $69.08 and a 52-week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, August 5th. The company reported $1.44 EPS 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 during the quarter, compared to analyst estimates of $77.18 million. During the same quarter in the prior year, the company posted $2.26 EPS. The company’s quarterly revenue was up 4.4% on a year-over-year basis. Equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

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 dividend of $1.90 per share. The ex-dividend date is Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 5.88%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 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.