SMH Capital Advisors Inc. Takes Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

SMH Capital Advisors Inc. purchased a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the fourth quarter, HoldingsChannel reports. The firm purchased 2,390 shares of the company’s stock, valued at approximately $241,000. Innovative Industrial Properties accounts for approximately 0.5% of SMH Capital Advisors Inc.’s investment portfolio, making the stock its 29th biggest position.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Investors Research Corp increased its holdings in shares of Innovative Industrial Properties by 2.6% in the fourth quarter. Investors Research Corp now owns 5,000 shares of the company’s stock valued at $504,000 after purchasing an additional 125 shares in the last quarter. Van ECK Associates Corp increased its holdings in shares of Innovative Industrial Properties by 4.3% in the third quarter. Van ECK Associates Corp now owns 3,271 shares of the company’s stock valued at $247,000 after purchasing an additional 136 shares in the last quarter. Detalus Advisors LLC increased its holdings in shares of Innovative Industrial Properties by 3.5% in the third quarter. Detalus Advisors LLC now owns 4,132 shares of the company’s stock valued at $313,000 after purchasing an additional 140 shares in the last quarter. Nisa Investment Advisors LLC increased its holdings in shares of Innovative Industrial Properties by 0.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 18,123 shares of the company’s stock valued at $1,827,000 after purchasing an additional 144 shares in the last quarter. Finally, Daiwa Securities Group Inc. increased its holdings in shares of Innovative Industrial Properties by 2.4% in the third quarter. Daiwa Securities Group Inc. now owns 8,898 shares of the company’s stock valued at $673,000 after purchasing an additional 207 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analyst Upgrades and Downgrades

IIPR has been the subject of a number of analyst reports. TheStreet raised shares of Innovative Industrial Properties from a “c+” rating to a “b-” rating in a report on Wednesday, January 10th. Piper Sandler lifted their target price on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. Four investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $92.67.

Innovative Industrial Properties Trading Down 1.9 %

Shares of NYSE IIPR traded down $2.12 during midday trading on Wednesday, reaching $107.32. 83,309 shares of the stock were exchanged, compared to its average volume of 226,117. The business has a 50-day simple moving average of $99.81 and a two-hundred day simple moving average of $92.51. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of 18.96 and a beta of 1.48. Innovative Industrial Properties, Inc. has a 12 month low of $65.16 and a 12 month high of $111.71. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.22 and a quick ratio of 14.22.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, February 26th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.62). The firm had revenue of $79.16 million for the quarter, compared to the consensus estimate of $76.55 million. Innovative Industrial Properties had a return on equity of 8.54% and a net margin of 53.50%. As a group, equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $1.82 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $7.28 annualized dividend and a yield of 6.78%. Innovative Industrial Properties’s dividend payout ratio is currently 126.17%.

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.