Eschler Asset Management LLP Takes Position in Innovative Industrial Properties, Inc. $IIPR

Eschler Asset Management LLP bought a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 10,165 shares of the company’s stock, valued at approximately $545,000.

A number of other hedge funds have also made changes to their positions in the company. Thrivent Financial for Lutherans grew its stake in Innovative Industrial Properties by 20.7% during the second quarter. Thrivent Financial for Lutherans now owns 156,852 shares of the company’s stock worth $8,662,000 after buying an additional 26,847 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Innovative Industrial Properties by 17.9% in the second 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. Summit Global Investments acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter worth approximately $1,178,000. Allianz Asset Management GmbH boosted its holdings in shares of Innovative Industrial Properties by 71.6% in the 3rd quarter. Allianz Asset Management GmbH now owns 26,861 shares of the company’s stock worth $1,439,000 after acquiring an additional 11,206 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC bought a new stake in Innovative Industrial Properties during the 2nd quarter worth approximately $260,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

IIPR stock opened at $53.19 on Friday. The company has a 50 day moving average price of $49.94 and a 200 day moving average price of $51.90. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $71.47. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.38 and a quick ratio of 4.38. The stock has a market capitalization of $1.50 billion, a PE ratio of 13.57 and a beta of 1.45.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, February 23rd. The company reported $1.88 EPS for the quarter, beating analysts’ consensus estimates of $1.71 by $0.17. The firm had revenue of $66.66 million for the quarter, compared to analyst estimates of $66.16 million. Innovative Industrial Properties had a return on equity of 6.43% and a net margin of 44.46%.The business’s quarterly revenue was down 13.1% compared to the same quarter last year. During the same period last year, the company earned $2.03 EPS. Analysts forecast 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. Investors of record on Wednesday, December 31st were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 14.3%. The ex-dividend date was Wednesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 193.88%.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on IIPR shares. Weiss Ratings raised Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday. Piper Sandler boosted their price objective on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 25th. Finally, Compass Point upgraded Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 target price on the stock in a report on Tuesday, March 3rd. Four equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Reduce” and an average target price of $51.75.

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.