Convergence Investment Partners LLC Purchases 4,424 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Convergence Investment Partners LLC lifted its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 29.8% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 19,246 shares of the company’s stock after buying an additional 4,424 shares during the period. Convergence Investment Partners LLC owned approximately 0.07% of Innovative Industrial Properties worth $2,102,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. GAMMA Investing LLC bought a new stake in Innovative Industrial Properties in the fourth quarter worth about $26,000. Benjamin F. Edwards & Company Inc. bought a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at $30,000. Blue Trust Inc. lifted its position in shares of Innovative Industrial Properties by 2,085.7% during the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after buying an additional 438 shares during the last quarter. Signaturefd LLC grew its stake in shares of Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after acquiring an additional 150 shares during the period. Finally, Newbridge Financial Services Group Inc. increased its holdings in Innovative Industrial Properties by 251.0% in the 4th quarter. Newbridge Financial Services Group Inc. now owns 723 shares of the company’s stock worth $73,000 after acquiring an additional 517 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

IIPR has been the topic of several research reports. Piper Sandler boosted their price target on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. Roth Mkm lifted their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $118.33.

Innovative Industrial Properties Price Performance

IIPR stock traded up $0.56 during mid-day trading on Monday, reaching $124.28. 152,100 shares of the company traded hands, compared to its average volume of 203,582. The company has a fifty day moving average price of $116.85 and a 200-day moving average price of $107.30. Innovative Industrial Properties, Inc. has a 52-week low of $69.08 and a 52-week high of $127.36. The company has a market capitalization of $3.52 billion, a P/E ratio of 21.80 and a beta of 1.37. The company has a debt-to-equity ratio of 0.15, a current ratio of 18.06 and a quick ratio of 18.06.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The firm had revenue of $79.79 million for the quarter, compared to analysts’ expectations of $77.18 million. During the same period in the prior year, the firm posted $2.26 EPS. Innovative Industrial Properties’s revenue was up 4.4% on a year-over-year basis. As a group, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.41 earnings per share for the current year.

Innovative Industrial Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.12%. The ex-dividend date was Thursday, June 27th. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.82. Innovative Industrial Properties’s dividend payout ratio (DPR) is 133.33%.

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.