Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Bought by Advisors Asset Management Inc.

Advisors Asset Management Inc. raised its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 178.0% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,248 shares of the company’s stock after buying an additional 799 shares during the quarter. Advisors Asset Management Inc.’s holdings in Innovative Industrial Properties were worth $168,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors have also modified their holdings of IIPR. Dimensional Fund Advisors LP grew its stake in shares of Innovative Industrial Properties by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after purchasing an additional 45,779 shares during the last quarter. Jupiter Asset Management Ltd. grew its position in Innovative Industrial Properties by 279.1% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock valued at $5,171,000 after buying an additional 34,854 shares during the last quarter. Thrivent Financial for Lutherans increased its stake in Innovative Industrial Properties by 97.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 48,034 shares of the company’s stock valued at $5,246,000 after buying an additional 23,709 shares during the period. Edgestream Partners L.P. raised its position in Innovative Industrial Properties by 461.0% during the 2nd quarter. Edgestream Partners L.P. now owns 26,888 shares of the company’s stock worth $2,937,000 after buying an additional 22,095 shares during the last quarter. Finally, LSV Asset Management lifted its stake in shares of Innovative Industrial Properties by 21.0% in the 2nd quarter. LSV Asset Management now owns 122,646 shares of the company’s stock worth $13,395,000 after acquiring an additional 21,273 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Price Performance

IIPR stock opened at $109.17 on Friday. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average price is $123.47 and its 200 day moving average price is $118.63. Innovative Industrial Properties, Inc. has a 52 week low of $80.24 and a 52 week high of $138.35. The company has a market cap of $3.09 billion, a P/E ratio of 19.43 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. Innovative Industrial Properties’s revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the business posted $2.29 earnings per share. On average, research analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 6.96%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

Analyst Ratings Changes

A number of brokerages have recently issued reports on IIPR. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target for the company in a report on Friday, November 8th. Finally, Piper Sandler decreased their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Innovative Industrial Properties has a consensus rating of “Moderate Buy” and a consensus target price of $127.67.

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.