Wealthcare Advisory Partners LLC Increases Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Wealthcare Advisory Partners LLC increased its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 14.9% during the fourth quarter, according to its most recent filing with the SEC. The institutional investor owned 4,196 shares of the company’s stock after purchasing an additional 545 shares during the period. Wealthcare Advisory Partners LLC’s holdings in Innovative Industrial Properties were worth $423,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. Headlands Technologies LLC bought a new position in Innovative Industrial Properties in the 3rd quarter worth about $25,000. GAMMA Investing LLC purchased a new position in shares of Innovative Industrial Properties during the fourth quarter worth about $26,000. Benjamin F. Edwards & Company Inc. bought a new position in shares of Innovative Industrial Properties in the fourth quarter worth approximately $30,000. FNY Investment Advisers LLC purchased a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $40,000. Finally, Headinvest LLC bought a new stake in Innovative Industrial Properties during the third quarter valued at approximately $62,000. 70.58% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Separately, Piper Sandler raised their price objective on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the company 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.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $92.67.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR opened at $104.91 on Friday. The stock’s 50-day moving average is $100.15 and its 200 day moving average is $92.70. The stock has a market cap of $2.96 billion, a price-to-earnings ratio of 18.18 and a beta of 1.48. Innovative Industrial Properties, Inc. has a 1-year low of $65.16 and a 1-year high of $111.71. The company has a current ratio of 14.22, a quick ratio of 14.22 and a debt-to-equity ratio of 0.16.

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

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a dividend of $1.82 per share. The ex-dividend date 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%.

Innovative Industrial Properties Company 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.