Vanguard Group Inc. Has $228.56 Million Stock Holdings in Innovative Industrial Properties, Inc. $IIPR

Vanguard Group Inc. trimmed its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 2.8% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,265,717 shares of the company’s stock after selling 121,172 shares during the period. Vanguard Group Inc. owned 15.22% of Innovative Industrial Properties worth $228,557,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Invesco Ltd. boosted its holdings in Innovative Industrial Properties by 40.5% in the second quarter. Invesco Ltd. now owns 382,133 shares of the company’s stock worth $21,101,000 after purchasing an additional 110,236 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of Innovative Industrial Properties by 229.6% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company’s stock worth $15,906,000 after buying an additional 200,652 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Innovative Industrial Properties by 6.7% in the first quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company’s stock worth $11,433,000 after buying an additional 13,291 shares during the last quarter. AlphaCore Capital LLC bought a new stake in shares of Innovative Industrial Properties during the 2nd quarter worth about $11,576,000. Finally, JPMorgan Chase & Co. increased its holdings in shares of Innovative Industrial Properties by 17.9% during the 2nd quarter. JPMorgan Chase & Co. now owns 178,271 shares of the company’s stock valued at $9,844,000 after acquiring an additional 27,115 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

Shares of Innovative Industrial Properties stock opened at $52.96 on Monday. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.38 and a quick ratio of 4.38. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $74.92. The firm has a fifty day moving average price of $49.12 and a two-hundred day moving average price of $51.80. The company has a market cap of $1.49 billion, a PE ratio of 13.51 and a beta of 1.44.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, February 23rd. The company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.17. Innovative Industrial Properties had a net margin of 44.46% and a return on equity of 6.43%. The company had revenue of $66.66 million for the quarter, compared to the consensus estimate of $66.16 million. During the same quarter in the previous year, the firm posted $2.03 EPS. The business’s revenue was down 13.1% compared to the same quarter last year. Analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a $1.90 dividend. The ex-dividend date was Wednesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.4%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 193.88%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Piper Sandler increased their price target on Innovative Industrial Properties from $44.00 to $45.00 and gave the company an “underweight” rating in a report on Wednesday, February 25th. Weiss Ratings lowered shares of Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, January 28th. Two research analysts have rated the stock with a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Strong Sell” and an average price target of $53.00.

Innovative Industrial Properties Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.