Edgestream Partners L.P. Increases Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Edgestream Partners L.P. grew its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 461.0% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 26,888 shares of the company’s stock after purchasing an additional 22,095 shares during the period. Edgestream Partners L.P. owned about 0.09% of Innovative Industrial Properties worth $2,937,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Sierra Summit Advisors LLC purchased a new stake in Innovative Industrial Properties during the second quarter worth $672,000. Dimensional Fund Advisors LP boosted its stake in shares of Innovative Industrial Properties by 16.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after acquiring an additional 45,779 shares in the last quarter. Massachusetts Financial Services Co. MA grew its position in shares of Innovative Industrial Properties by 49.6% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 28,838 shares of the company’s stock valued at $3,150,000 after acquiring an additional 9,558 shares during the period. Federated Hermes Inc. increased its position in shares of Innovative Industrial Properties by 138.1% in the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after buying an additional 312 shares in the last quarter. Finally, Prevail Innovative Wealth Advisors LLC increased its holdings in Innovative Industrial Properties by 30.0% in the 2nd quarter. Prevail Innovative Wealth Advisors LLC now owns 25,689 shares of the company’s stock worth $2,806,000 after acquiring an additional 5,926 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analysts Set New Price Targets

IIPR has been the topic of a number of research reports. Roth Mkm raised their price target 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. Piper Sandler increased their target price on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 9th.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $134.80 on Thursday. The company has a market cap of $3.82 billion, a P/E ratio of 23.65 and a beta of 1.35. Innovative Industrial Properties, Inc. has a twelve month low of $69.08 and a twelve month high of $137.47. The company’s 50-day moving average price is $121.37 and its 200-day moving average price is $110.19. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $79.79 million for the quarter, compared to analyst estimates of $77.18 million. During the same quarter in the prior year, the firm earned $2.26 earnings per share. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.41 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 5.64%. The ex-dividend date is Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is currently 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.