Maryland State Retirement & Pension System Has $1.03 Million Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Maryland State Retirement & Pension System reduced its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 10,191 shares of the company’s stock after selling 137 shares during the quarter. Maryland State Retirement & Pension System’s holdings in Innovative Industrial Properties were worth $1,027,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the business. Raymond James & Associates boosted its holdings in shares of Innovative Industrial Properties by 7.8% in the 3rd quarter. Raymond James & Associates now owns 10,185 shares of the company’s stock valued at $771,000 after buying an additional 740 shares during the last quarter. Stratos Wealth Partners LTD. boosted its holdings in shares of Innovative Industrial Properties by 49.8% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 5,522 shares of the company’s stock worth $418,000 after buying an additional 1,835 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Innovative Industrial Properties by 9.4% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 10,528 shares of the company’s stock valued at $797,000 after acquiring an additional 905 shares during the period. Advisor Partners II LLC boosted its holdings in shares of Innovative Industrial Properties by 76.8% during the third quarter. Advisor Partners II LLC now owns 18,944 shares of the company’s stock worth $1,433,000 after acquiring an additional 8,229 shares during the period. Finally, Assetmark Inc. acquired a new stake in Innovative Industrial Properties during the 3rd quarter worth approximately $210,000. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Down 2.6 %

NYSE:IIPR opened at $104.91 on Friday. 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, Inc. has a one year low of $65.16 and a one year high of $111.71. The firm’s 50 day simple moving average is $100.15 and its 200 day simple moving average is $92.70. The company has a market cap of $2.96 billion, a PE ratio of 18.18 and a beta of 1.48.

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

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $7.28 annualized dividend and a yield of 6.94%. Innovative Industrial Properties’s payout ratio is 126.17%.

Analyst Ratings Changes

Separately, Piper Sandler increased their price objective on Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th. Four investment analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $92.67.

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.