L & S Advisors Inc Makes New Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

L & S Advisors Inc bought a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm bought 21,964 shares of the company’s stock, valued at approximately $2,956,000. L & S Advisors Inc owned approximately 0.08% of Innovative Industrial Properties at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. CWA Asset Management Group LLC purchased a new stake in shares of Innovative Industrial Properties during the 3rd quarter valued at approximately $713,000. Versor Investments LP lifted its position in Innovative Industrial Properties by 98.3% in the third quarter. Versor Investments LP now owns 12,227 shares of the company’s stock valued at $1,646,000 after acquiring an additional 6,062 shares during the last quarter. Vanguard Group Inc. lifted its position in Innovative Industrial Properties by 0.6% in the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock valued at $456,705,000 after acquiring an additional 28,111 shares during the last quarter. CANADA LIFE ASSURANCE Co lifted its position in Innovative Industrial Properties by 4.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 57,808 shares of the company’s stock valued at $5,982,000 after acquiring an additional 2,452 shares during the last quarter. Finally, Prevail Innovative Wealth Advisors LLC raised its holdings in shares of Innovative Industrial Properties by 30.0% in the second quarter. Prevail Innovative Wealth Advisors LLC now owns 25,689 shares of the company’s stock valued at $2,806,000 after buying an additional 5,926 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Down 0.9 %

Shares of IIPR opened at $105.27 on Thursday. 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’s 50-day moving average is $126.79 and its two-hundred day moving average is $118.61. Innovative Industrial Properties, Inc. has a twelve month low of $78.10 and a twelve month high of $138.35. The firm has a market capitalization of $2.98 billion, a P/E ratio of 18.73 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.29 earnings per share. On average, research analysts predict that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.22%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

Analysts Set New Price Targets

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

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.