Plato Investment Management Ltd Invests $80,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Plato Investment Management Ltd bought a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 777 shares of the company’s stock, valued at approximately $80,000.

Several other institutional investors have also recently made changes to their positions in IIPR. Independence Bank of Kentucky increased its position in Innovative Industrial Properties by 82.9% during the 4th quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock valued at $65,000 after buying an additional 290 shares in the last quarter. Seed Wealth Management Inc. purchased a new stake in Innovative Industrial Properties during the 4th quarter valued at $224,000. International Assets Investment Management LLC purchased a new stake in Innovative Industrial Properties during the 4th quarter valued at $14,952,000. Detalus Advisors LLC boosted its stake in Innovative Industrial Properties by 26.3% during the 4th quarter. Detalus Advisors LLC now owns 5,219 shares of the company’s stock valued at $526,000 after purchasing an additional 1,087 shares during the last quarter. Finally, Edmp Inc. purchased a new position in shares of Innovative Industrial Properties in the 4th quarter worth $243,000. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock traded down $1.27 on Thursday, reaching $121.54. The stock had a trading volume of 205,143 shares, compared to its average volume of 208,377. The stock has a market cap of $3.44 billion, a P/E ratio of 21.09 and a beta of 1.37. The company has a debt-to-equity ratio of 0.15, a quick ratio of 14.27 and a current ratio of 14.27. The company has a 50 day simple moving average of $111.75 and a 200 day simple moving average of $103.16. Innovative Industrial Properties, Inc. has a 1 year low of $69.08 and a 1 year high of $125.44.

Innovative Industrial Properties (NYSE:IIPR) last released its 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 company had revenue of $75.45 million for the quarter, compared to analysts’ expectations of $79.65 million. Innovative Industrial Properties had a net margin of 53.07% and a return on equity of 8.46%. Equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.38 EPS for the current year.

Innovative Industrial Properties Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Shareholders of record on Friday, June 28th were issued a dividend of $1.90 per share. The ex-dividend date of this dividend was Thursday, June 27th. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.82. This represents a $7.60 dividend on an annualized basis and a yield of 6.25%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 133.33%.

Analyst Ratings Changes

Separately, Roth Mkm raised their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Innovative Industrial Properties has an average rating of “Hold” and a consensus price target of $112.67.

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.