10,494 Shares in Innovative Industrial Properties, Inc. $IIPR Acquired by FCG Investment Co

Key Points

• FCG Investment Co has acquired 10,494 shares of Innovative Industrial Properties, Inc. valued at approximately $579,000 during the 2nd quarter.
• The company announced a quarterly dividend of $1.90 per share, scheduled to be paid on October 15th, representing a 13.9% dividend yield.
• Analysts have a consensus rating of "Hold" for Innovative Industrial Properties, with a new target price set at $78.67 after Wolfe Research downgraded the stock from "outperform" to "peer perform."

FCG Investment Co purchased a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 10,494 shares of the company's stock, valued at approximately $579,000.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. increased its position in Innovative Industrial Properties by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 155,355 shares of the company's stock worth $8,403,000 after buying an additional 3,961 shares during the period. Bank of America Corp DE grew its stake in shares of Innovative Industrial Properties by 9.1% in the fourth quarter. Bank of America Corp DE now owns 16,759 shares of the company's stock worth $1,117,000 after acquiring an additional 1,395 shares during the last quarter. Janney Montgomery Scott LLC increased its position in Innovative Industrial Properties by 6.9% during the first quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company's stock worth $267,000 after acquiring an additional 319 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in Innovative Industrial Properties by 5.5% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 19,234 shares of the company's stock worth $1,040,000 after acquiring an additional 1,000 shares during the period. Finally, Intech Investment Management LLC raised its stake in Innovative Industrial Properties by 83.7% during the 1st quarter. Intech Investment Management LLC now owns 45,431 shares of the company's stock valued at $2,457,000 after purchasing an additional 20,701 shares during the last quarter. Institutional investors own 70.58% of the company's stock.

Analysts Set New Price Targets

Separately, Wolfe Research lowered shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have issued a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, Innovative Industrial Properties has an average rating of "Hold" and a consensus target price of $78.67.

Innovative Industrial Properties Stock Performance

IIPR stock opened at $54.61 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 10.30 and a quick ratio of 10.30. The company has a 50 day moving average price of $54.15 and a 200 day moving average price of $55.63. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $137.90. The stock has a market capitalization of $1.53 billion, a PE ratio of 11.82 and a beta of 1.61.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $1.71 earnings per share for the quarter, topping analysts' consensus estimates of $1.68 by $0.03. Innovative Industrial Properties had a return on equity of 7.26% and a net margin of 47.71%.The company had revenue of $62.89 million during the quarter, compared to the consensus estimate of $64.36 million. During the same quarter in the previous year, the company posted $2.06 earnings per share. The firm's quarterly revenue was down 21.2% on a year-over-year basis. Analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th will be given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 13.9%. The ex-dividend date is Tuesday, September 30th. Innovative Industrial Properties's payout ratio is presently 164.50%.

Innovative Industrial Properties Profile

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.

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