AlphaQuest LLC Grows Position in Innovative Industrial Properties, Inc. $IIPR

AlphaQuest LLC raised its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 152.5% during the 2nd quarter, Holdings Channel.com reports. The firm owned 10,013 shares of the company’s stock after acquiring an additional 6,047 shares during the quarter. AlphaQuest LLC’s holdings in Innovative Industrial Properties were worth $553,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also added to or reduced their stakes in the company. Flaharty Asset Management LLC purchased a new stake in Innovative Industrial Properties during the first quarter valued at about $27,000. AdvisorNet Financial Inc increased its position in shares of Innovative Industrial Properties by 50.3% during the second quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock valued at $31,000 after buying an additional 187 shares during the period. SSA Swiss Advisors AG bought a new stake in shares of Innovative Industrial Properties during the first quarter valued at about $33,000. Signaturefd LLC increased its position in shares of Innovative Industrial Properties by 49.7% during the first quarter. Signaturefd LLC now owns 756 shares of the company’s stock valued at $41,000 after buying an additional 251 shares during the period. Finally, Legend Financial Advisors Inc. bought a new stake in shares of Innovative Industrial Properties during the second quarter valued at about $44,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on IIPR shares. Wolfe Research cut Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, July 2nd. Weiss Ratings upgraded Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Saturday. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, six have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $78.67.

Innovative Industrial Properties Stock Down 1.2%

IIPR stock opened at $52.49 on Wednesday. The company has a current ratio of 10.30, a quick ratio of 10.30 and a debt-to-equity ratio of 0.16. The company’s 50 day moving average is $55.08 and its 200 day moving average is $54.63. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of 11.36 and a beta of 1.64. Innovative Industrial Properties, Inc. has a 1-year low of $45.44 and a 1-year high of $135.78.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, August 6th. The company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.03. The company had revenue of $62.89 million for the quarter, compared to analysts’ expectations of $64.36 million. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. Innovative Industrial Properties’s revenue for the quarter was down 21.2% compared to the same quarter last year. During the same period in the prior year, the business earned $2.06 earnings per share. Sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, October 15th. Shareholders of record on Tuesday, September 30th were paid a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $7.60 annualized dividend and a yield of 14.5%. Innovative Industrial Properties’s dividend payout ratio is currently 164.50%.

About Innovative Industrial Properties

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.