Bristlecone Advisors LLC grew its position in Innovative Industrial Properties, Inc. (NYSE:IIPR – Free Report) 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 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.
Check Out Our Latest Research Report on Innovative Industrial Properties
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.
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