Geode Capital Management LLC Grows Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Geode Capital Management LLC increased its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 31.9% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 52,872 shares of the company’s stock after acquiring an additional 12,791 shares during the period. Geode Capital Management LLC owned approximately 0.19% of Innovative Industrial Properties worth $7,133,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Wellington Management Group LLP boosted its stake in shares of Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after acquiring an additional 185,855 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Innovative Industrial Properties by 1,054.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company’s stock worth $8,354,000 after purchasing an additional 56,689 shares during the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after buying an additional 45,779 shares in the last quarter. Jupiter Asset Management Ltd. raised its position in shares of Innovative Industrial Properties by 279.1% in the second 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. Finally, Barclays PLC lifted its stake in shares of Innovative Industrial Properties by 187.5% in the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after buying an additional 31,295 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on IIPR. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $125.00 to $78.00 in a report on Friday, December 20th. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Finally, JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Innovative Industrial Properties has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Price Performance

IIPR stock opened at $68.06 on Friday. Innovative Industrial Properties, Inc. has a 1 year low of $64.80 and a 1 year high of $138.35. The firm has a market capitalization of $1.93 billion, a P/E ratio of 12.11 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The business’s 50-day moving average is $101.59 and its two-hundred day moving average is $115.17.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same period last year, the business earned $2.29 EPS. The firm’s revenue was down 1.7% compared to the same quarter last year. Analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 11.17%. The ex-dividend date of this dividend is Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Innovative Industrial Properties 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.