Arrowstreet Capital Limited Partnership Raises Position in Innovative Industrial Properties, Inc. $IIPR

Arrowstreet Capital Limited Partnership increased its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 3,423.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 539,600 shares of the company's stock after purchasing an additional 524,284 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 1.88% of Innovative Industrial Properties worth $27,066,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its stake in Innovative Industrial Properties by 4.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 540,742 shares of the company's stock valued at $25,610,000 after acquiring an additional 23,901 shares during the period. Goldman Sachs Group Inc. increased its stake in shares of Innovative Industrial Properties by 26.2% in the fourth quarter. Goldman Sachs Group Inc. now owns 509,124 shares of the company's stock worth $24,112,000 after purchasing an additional 105,569 shares in the last quarter. Invesco Ltd. raised its position in shares of Innovative Industrial Properties by 12.1% in the fourth quarter. Invesco Ltd. now owns 493,507 shares of the company's stock valued at $23,372,000 after purchasing an additional 53,143 shares during the period. Dimensional Fund Advisors LP raised its position in shares of Innovative Industrial Properties by 4.7% in the first quarter. Dimensional Fund Advisors LP now owns 366,811 shares of the company's stock valued at $18,399,000 after purchasing an additional 16,444 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of Innovative Industrial Properties by 5.7% during the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 304,527 shares of the company's stock valued at $16,317,000 after buying an additional 16,471 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Price Performance

IIPR stock opened at $61.11 on Thursday. The firm has a market cap of $1.76 billion, a P/E ratio of 15.63 and a beta of 1.39. The firm's fifty day moving average is $60.81 and its 200 day moving average is $54.86. Innovative Industrial Properties, Inc. has a 52 week low of $44.58 and a 52 week high of $65.38. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.06 and a current ratio of 6.06.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings results on Monday, May 4th. The company reported $1.02 earnings per share for the quarter, missing the consensus estimate of $1.07 by ($0.05). The business had revenue of $69.00 million during the quarter, compared to the consensus estimate of $65.65 million. Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The business's revenue for the quarter was down 3.1% on a year-over-year basis. During the same period in the prior year, the firm earned $1.94 earnings per share. Research analysts predict that Innovative Industrial Properties, Inc. will post 6.99 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 12.4%. The ex-dividend date of this dividend was Tuesday, June 30th. Innovative Industrial Properties's dividend payout ratio is 194.37%.

Wall Street Analysts Forecast Growth

IIPR has been the subject of several analyst reports. Zacks Research downgraded Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 5th. Piper Sandler increased their price target on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an "underweight" rating in a report on Tuesday, July 21st. Finally, Weiss Ratings upgraded shares of Innovative Industrial Properties from a "sell (d+)" rating to a "hold (c-)" rating in a research report on Tuesday, May 26th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus target price of $48.00.

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.

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