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

Penserra Capital Management LLC boosted its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.0% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,672 shares of the company’s stock after purchasing an additional 272 shares during the quarter. Penserra Capital Management LLC owned about 0.09% of Innovative Industrial Properties worth $3,589,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. USA Financial Formulas purchased a new position in shares of Innovative Industrial Properties in the third quarter worth about $25,000. US Bancorp DE lifted its stake in Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after purchasing an additional 189 shares in the last quarter. Blue Trust Inc. boosted its holdings in shares of Innovative Industrial Properties by 2,085.7% during the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after purchasing an additional 438 shares during the last quarter. Signaturefd LLC grew its position in shares of Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares in the last quarter. Finally, Federated Hermes Inc. increased its holdings 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 purchasing an additional 312 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Up 4.5 %

Shares of IIPR opened at $111.89 on Tuesday. 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 firm has a market cap of $3.17 billion, a P/E ratio of 19.91 and a beta of 1.37. The company’s 50-day moving average price is $125.93 and its 200 day moving average price is $118.65. Innovative Industrial Properties, Inc. has a 12-month low of $78.10 and a 12-month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released 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 net margin of 52.51% and a return on equity of 8.44%. The company had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. During the same period last year, the firm posted $2.29 earnings per share. Innovative Industrial Properties’s revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $1.90 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.79%. Innovative Industrial Properties’s payout ratio is presently 135.23%.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on IIPR shares. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Piper Sandler lowered their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research report on Friday, November 8th. Finally, Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $127.67.

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.