Innovative Industrial Properties (NYSE:IIPR) Reaches New 12-Month High Following Analyst Upgrade

Innovative Industrial Properties, Inc. (NYSE:IIPR) shares reached a new 52-week high during mid-day trading on Tuesday after Roth Mkm raised their price target on the stock from $115.00 to $140.00. Roth Mkm currently has a buy rating on the stock. Innovative Industrial Properties traded as high as $124.00 and last traded at $123.44, with a volume of 34805 shares changing hands. The stock had previously closed at $121.63.

Hedge Funds Weigh In On Innovative Industrial Properties

A number of institutional investors have recently modified their holdings of the stock. Norges Bank purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $31,116,000. Tidal Investments LLC lifted its holdings in shares of Innovative Industrial Properties by 1,465.1% in the 1st quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock worth $24,532,000 after buying an additional 221,791 shares during the period. International Assets Investment Management LLC bought a new position in shares of Innovative Industrial Properties during the 4th quarter worth $14,952,000. Dimensional Fund Advisors LP increased its stake in shares of Innovative Industrial Properties by 57.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 202,637 shares of the company’s stock valued at $20,430,000 after buying an additional 74,289 shares during the period. Finally, LSV Asset Management raised its holdings in shares of Innovative Industrial Properties by 124.4% in the first quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after acquiring an additional 56,200 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Up 1.3 %

The company has a quick ratio of 14.27, a current ratio of 14.27 and a debt-to-equity ratio of 0.15. The stock’s 50 day moving average is $110.39 and its two-hundred day moving average is $101.85. The company has a market capitalization of $3.49 billion, a PE ratio of 21.36 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, May 8th. The company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.74). The business had revenue of $75.45 million during the quarter, compared to analysts’ expectations of $79.65 million. Innovative Industrial Properties had a return on equity of 8.46% and a net margin of 53.07%. As a group, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.5 EPS for the current fiscal year.

Innovative Industrial Properties Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 6.17%. The ex-dividend date was Thursday, June 27th. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.82. Innovative Industrial Properties’s dividend payout ratio (DPR) is 133.33%.

About Innovative Industrial Properties

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.