Citigroup Inc. Grows Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Citigroup Inc. boosted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 37.0% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 42,417 shares of the company’s stock after purchasing an additional 11,457 shares during the period. Citigroup Inc. owned about 0.15% of Innovative Industrial Properties worth $5,709,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. boosted its position in shares of Innovative Industrial Properties by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after acquiring an additional 10,711 shares during the last quarter. L & S Advisors Inc bought a new position in Innovative Industrial Properties in the 3rd quarter valued at $2,956,000. Massachusetts Financial Services Co. MA increased its position in shares of Innovative Industrial Properties by 5.6% during the third quarter. Massachusetts Financial Services Co. MA now owns 30,466 shares of the company’s stock worth $4,101,000 after acquiring an additional 1,628 shares during the period. Intech Investment Management LLC increased its stake in shares of Innovative Industrial Properties by 52.2% during the third quarter. Intech Investment Management LLC now owns 10,250 shares of the company’s stock valued at $1,380,000 after buying an additional 3,515 shares during the period. Finally, Advisors Asset Management Inc. raised its stake in Innovative Industrial Properties by 178.0% in the third quarter. Advisors Asset Management Inc. now owns 1,248 shares of the company’s stock worth $168,000 after buying an additional 799 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on IIPR. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a report on Friday, November 8th. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Finally, Piper Sandler lowered their price objective 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 research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties Stock Down 0.1 %

Shares of NYSE:IIPR opened at $109.02 on Monday. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. Innovative Industrial Properties, Inc. has a 1 year low of $80.24 and a 1 year high of $138.35. The firm has a market capitalization of $3.09 billion, a PE ratio of 19.40 and a beta of 1.37. The firm’s 50-day moving average is $123.47 and its two-hundred day moving average is $118.73.

Innovative Industrial Properties (NYSE:IIPR) last issued 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). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. During the same quarter in the prior year, the firm earned $2.29 EPS. The firm’s revenue was down 1.7% compared to the same quarter last year. Analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $1.90 dividend. The ex-dividend date was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.97%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

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.