Algert Global LLC Invests $310,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Algert Global LLC acquired a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,842 shares of the company’s stock, valued at approximately $310,000.

Other large investors also recently bought and sold shares of the company. LSV Asset Management increased its holdings in shares of Innovative Industrial Properties by 124.4% in the 1st quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after acquiring an additional 56,200 shares during the period. Prevail Innovative Wealth Advisors LLC purchased a new position in Innovative Industrial Properties in the first quarter valued at about $2,046,000. SG Americas Securities LLC raised its holdings in Innovative Industrial Properties by 75.7% in the first quarter. SG Americas Securities LLC now owns 19,573 shares of the company’s stock worth $2,027,000 after purchasing an additional 8,436 shares in the last quarter. Texas Permanent School Fund Corp lifted its position in shares of Innovative Industrial Properties by 1.4% during the first quarter. Texas Permanent School Fund Corp now owns 24,540 shares of the company’s stock valued at $2,541,000 after buying an additional 328 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Innovative Industrial Properties by 18.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,159 shares of the company’s stock valued at $21,242,000 after buying an additional 31,313 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently commented on IIPR shares. Piper Sandler boosted 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 note on Friday, August 9th. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Finally, Roth Mkm boosted their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd.

Innovative Industrial Properties Stock Up 0.1 %

IIPR stock opened at $129.51 on Wednesday. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 52 week low of $69.08 and a 52 week high of $138.35. The stock has a market capitalization of $3.67 billion, a PE ratio of 22.72 and a beta of 1.35. The firm has a 50 day moving average of $125.14 and a 200 day moving average of $113.78.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing the consensus estimate of $2.08 by ($0.64). The company had revenue of $79.79 million for the quarter, compared to analyst estimates 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 quarter in the previous year, the firm posted $2.26 earnings per share. Sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.47 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. Stockholders of record on Monday, September 30th will be paid a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 5.87%. The ex-dividend date is Monday, September 30th. Innovative Industrial Properties’s payout ratio is 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.