Bank of New York Mellon Corp Makes New Investment in Innovative Industrial Properties, Inc. $IIPR

Bank of New York Mellon Corp purchased a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 206,398 shares of the company's stock, valued at approximately $12,793,000. Bank of New York Mellon Corp owned about 0.72% of Innovative Industrial Properties at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. International Assets Investment Management LLC purchased a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $25,000. Advisory Services Network LLC purchased a new position in shares of Innovative Industrial Properties during the third quarter worth $34,000. Los Angeles Capital Management LLC acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at $35,000. Headlands Technologies LLC raised its holdings in shares of Innovative Industrial Properties by 109.4% in the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the company's stock valued at $42,000 after buying an additional 396 shares during the period. Finally, Triumph Capital Management purchased a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at $44,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $56.12 on Wednesday. Innovative Industrial Properties, Inc. has a 12 month low of $44.58 and a 12 month high of $65.38. The company has a debt-to-equity ratio of 0.35, a current ratio of 24.51 and a quick ratio of 24.51. The firm has a market capitalization of $1.55 billion, a PE ratio of 12.73 and a beta of 1.38. The business's fifty day moving average price is $60.18 and its 200 day moving average price is $56.24.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.02 by $0.34. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%.The company had revenue of $63.31 million during the quarter, compared to the consensus estimate of $67.09 million. On average, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 7.05 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 13.5%. The ex-dividend date was Tuesday, June 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 172.34%.

Insider Buying and Selling

In related news, Director Bruce Alan Ives purchased 528 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, August 31st. The stock was purchased at an average cost of $56.70 per share, with a total value of $29,937.60. Following the completion of the transaction, the director directly owned 3,180 shares in the company, valued at approximately $180,306. The trade was a 19.91% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.30% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

IIPR has been the topic of a number of recent research reports. Weiss Ratings upgraded shares of Innovative Industrial Properties from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 6th. Zacks Research cut shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 5th. Finally, Piper Sandler upped their target price on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 21st. Three equities research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Innovative Industrial Properties currently has a consensus rating of "Reduce" and a consensus price target of $48.00.

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.

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