Bristlecone Advisors LLC Grows Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Bristlecone Advisors LLC grew its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 0.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 12,600 shares of the company’s stock after buying an additional 103 shares during the quarter. Bristlecone Advisors LLC’s holdings in Innovative Industrial Properties were worth $1,696,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in IIPR. USA Financial Formulas purchased a new position in Innovative Industrial Properties during the third quarter valued at approximately $25,000. Blue Trust Inc. boosted its position in 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 acquiring an additional 438 shares in the last quarter. Signaturefd LLC increased its holdings in shares of Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after acquiring an additional 150 shares during the period. Federated Hermes Inc. lifted its stake in shares of Innovative Industrial Properties by 138.1% during the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after purchasing an additional 312 shares during the last quarter. Finally, Plato Investment Management Ltd bought a new stake in Innovative Industrial Properties during the first quarter valued at about $80,000. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $131.88 on Friday. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a twelve month low of $69.08 and a twelve month high of $138.35. The company’s 50 day moving average is $129.15 and its 200 day moving average is $116.43. The company has a market cap of $3.74 billion, a PE ratio of 23.14 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The business had revenue of $79.79 million for the quarter, compared to analysts’ expectations of $77.18 million. During the same period last year, the business earned $2.26 EPS. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business 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. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 5.76%. Innovative Industrial Properties’s payout ratio is 133.33%.

Wall Street Analyst Weigh In

Several analysts have commented on the stock. Roth Mkm increased their price target on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Piper Sandler increased their price objective on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Finally, Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd.

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.