North Star Investment Management Corp. Buys 15,000 Shares of Innovative Industrial Properties, Inc. $IIPR

North Star Investment Management Corp. grew its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 33,333.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 15,045 shares of the company’s stock after buying an additional 15,000 shares during the quarter. North Star Investment Management Corp. owned approximately 0.05% of Innovative Industrial Properties worth $755,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in IIPR. Royal Bank of Canada boosted its position in shares of Innovative Industrial Properties by 34.4% in the first quarter. Royal Bank of Canada now owns 14,318 shares of the company’s stock worth $773,000 after purchasing an additional 3,667 shares during the period. Amundi boosted its holdings in Innovative Industrial Properties by 3.4% in the 1st quarter. Amundi now owns 15,766 shares of the company’s stock worth $826,000 after buying an additional 523 shares during the period. AQR Capital Management LLC bought a new stake in Innovative Industrial Properties during the first quarter valued at about $1,470,000. Millennium Management LLC raised its holdings in Innovative Industrial Properties by 1,131.0% during the first quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock valued at $8,520,000 after acquiring an additional 144,714 shares during the period. Finally, 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 valued at $11,433,000 after acquiring an additional 13,291 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Up 0.9%

IIPR stock opened at $63.52 on Tuesday. The company has a market capitalization of $1.83 billion, a PE ratio of 16.24 and a beta of 1.42. Innovative Industrial Properties, Inc. has a 12 month low of $44.58 and a 12 month high of $63.64. The firm’s 50-day moving average is $57.50 and its 200 day moving average is $53.15. The company has a debt-to-equity ratio of 0.20, a current ratio of 6.06 and a quick ratio of 6.06.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, May 4th. The company reported $1.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.07 by ($0.05). The company had revenue of $69.00 million during the quarter, compared to analysts’ expectations of $65.65 million. Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. Innovative Industrial Properties’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period last year, the firm earned $1.94 earnings per share. On average, research analysts anticipate that Innovative Industrial Properties, Inc. will post 7.1 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 12.0%. The ex-dividend date of this dividend is Tuesday, June 30th. Innovative Industrial Properties’s payout ratio is currently 194.37%.

Wall Street Analysts Forecast Growth

IIPR has been the subject of several recent analyst reports. Weiss Ratings upgraded Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Compass Point upgraded shares of Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 target price on the stock in a research report on Tuesday, March 3rd. Finally, Zacks Research downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Innovative Industrial Properties has an average rating of “Reduce” and an average price target of $45.00.

Innovative Industrial Properties Company 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.