Innovative Industrial Properties, Inc. $IIPR Stock: Villanova Investment Management Co Raises Position

Villanova Investment Management Co boosted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 148.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 23,058 shares of the company’s stock after purchasing an additional 13,790 shares during the quarter. Villanova Investment Management Co owned approximately 0.08% of Innovative Industrial Properties worth $1,215,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of IIPR. Commonwealth Equity Services LLC raised its holdings in Innovative Industrial Properties by 12.4% in the third quarter. Commonwealth Equity Services LLC now owns 36,709 shares of the company’s stock valued at $1,934,000 after acquiring an additional 4,042 shares in the last quarter. SMH Capital Advisors Inc. purchased a new position in Innovative Industrial Properties in the third quarter worth approximately $421,000. State of Wyoming acquired a new position in Innovative Industrial Properties during the 3rd quarter worth approximately $122,000. North Star Investment Management Corp. grew its holdings in Innovative Industrial Properties by 12.0% during the 3rd quarter. North Star Investment Management Corp. now owns 28,045 shares of the company’s stock worth $1,477,000 after acquiring an additional 3,000 shares in the last quarter. Finally, Oppenheimer & Co. Inc. grew its holdings in Innovative Industrial Properties by 113.7% during the 3rd quarter. Oppenheimer & Co. Inc. now owns 16,838 shares of the company’s stock worth $887,000 after acquiring an additional 8,958 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on IIPR. Piper Sandler raised their price objective on shares of Innovative Industrial Properties from $44.00 to $46.00 and gave the company an “underweight” rating in a report on Wednesday. Huntington began coverage on shares of Innovative Industrial Properties in a research report on Friday, October 2nd. They set an “outperform” rating and a $60.00 price objective for the company. Stifel Nicolaus started coverage on shares of Innovative Industrial Properties in a research note on Wednesday, October 14th. They set a “buy” rating and a $56.25 target price for the company. Finally, Weiss Ratings downgraded shares of Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Hold” and a consensus target price of $51.81.

Insiders Place Their Bets

In other Innovative Industrial Properties news, Chairman Alan Gold acquired 40,000 shares of the company’s stock in a transaction on Thursday, October 8th. The shares were bought at an average cost of $25.00 per share, for a total transaction of $1,000,000.00. Following the completion of the purchase, the chairman owned 40,000 shares in the company, valued at $1,000,000. This trade represents a ∞ increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Scott Shoemaker sold 611 shares of Innovative Industrial Properties stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total transaction of $34,435.96. Following the completion of the transaction, the director owned 2,000 shares in the company, valued at approximately $112,720. This represents a 23.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.30% of the stock is currently owned by insiders.

Innovative Industrial Properties Price Performance

IIPR stock opened at $55.40 on Friday. The company has a current ratio of 10.66, a quick ratio of 24.51 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $1.53 billion, a P/E ratio of 7.46 and a beta of 1.33. The business has a 50 day simple moving average of $54.29 and a 200-day simple moving average of $55.13. Innovative Industrial Properties, Inc. has a twelve month low of $44.58 and a twelve month high of $65.38.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Monday, November 2nd. The company reported $0.99 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.09. Innovative Industrial Properties had a net margin of 53.20% and a return on equity of 8.01%. The business had revenue of $64.92 million for the quarter, compared to analysts’ expectations of $61.03 million. As a group, equities analysts anticipate that Innovative Industrial Properties, Inc. will post 6.83 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 13.7%. The ex-dividend date of this dividend was Wednesday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 171.56%.

Innovative Industrial Properties Profile

Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry in the United States. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and manufacturing facilities used by state-licensed cannabis operators.

Innovative Industrial Properties generally leases its properties to cannabis companies under long-term, typically triple-net lease agreements. Under these arrangements, tenants are generally responsible for property-level operating expenses, while the company provides real estate capital and manages its portfolio as a landlord.

Founded in 2016, Innovative Industrial Properties has expanded through property acquisitions, sale-leaseback transactions and investments in the development or redevelopment of cannabis facilities.