Kestra Investment Management LLC Makes New Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Kestra Investment Management LLC purchased a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the third quarter, Holdings Channel.com reports. The fund purchased 17,328 shares of the company’s stock, valued at approximately $2,332,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in IIPR. USA Financial Formulas purchased a new position in Innovative Industrial Properties in the third quarter valued at about $25,000. Blue Trust Inc. grew its holdings in shares of Innovative Industrial Properties by 2,085.7% in the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after acquiring an additional 438 shares during the period. Signaturefd LLC increased its stake in 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 purchasing an additional 150 shares in the last quarter. Canton Hathaway LLC acquired a new position in Innovative Industrial Properties during the third quarter worth $55,000. Finally, Loomis Sayles & Co. L P boosted its position in Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after purchasing an additional 407 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analyst Ratings Changes

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

Innovative Industrial Properties Price Performance

NYSE:IIPR opened at $109.02 on Friday. Innovative Industrial Properties, Inc. has a 12-month low of $80.24 and a 12-month high of $138.35. The firm has a market cap of $3.09 billion, a price-to-earnings ratio of 19.40 and a beta of 1.37. The company’s 50-day moving average is $123.47 and its two-hundred day moving average is $118.69. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The firm had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.29 EPS. Research analysts expect that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.97%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

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.