Van ECK Associates Corp Boosts Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Van ECK Associates Corp increased its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 10.4% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 5,349 shares of the company’s stock after acquiring an additional 506 shares during the period. Van ECK Associates Corp’s holdings in Innovative Industrial Properties were worth $356,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of the business. Blue Trust Inc. grew its stake in shares of Innovative Industrial Properties by 177.3% during the 3rd quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock worth $171,000 after purchasing an additional 814 shares during the period. Mirae Asset Global Investments Co. Ltd. boosted its holdings in Innovative Industrial Properties by 90.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,460 shares of the company’s stock worth $470,000 after buying an additional 1,648 shares in the last quarter. MCF Advisors LLC acquired a new position in Innovative Industrial Properties during the third quarter worth about $238,000. Bristlecone Advisors LLC increased its stake in Innovative Industrial Properties by 0.8% in the 3rd quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock valued at $1,696,000 after purchasing an additional 103 shares in the last quarter. Finally, US Bancorp DE raised its holdings in Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after purchasing an additional 189 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR opened at $72.94 on Friday. The company has a 50-day simple moving average of $72.18 and a 200-day simple moving average of $104.31. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The company has a market cap of $2.07 billion, a PE ratio of 13.19 and a beta of 1.40. Innovative Industrial Properties, Inc. has a 12 month low of $62.45 and a 12 month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The firm had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. On average, equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.42%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 137.43%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on IIPR. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $118.00 to $70.00 in a research report on Friday, December 20th. Roth Mkm dropped their target price on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Finally, Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $102.00.

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.