Entropy Technologies LP Invests $275,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Entropy Technologies LP acquired a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 5,090 shares of the company's stock, valued at approximately $275,000.

Several other hedge funds have also modified their holdings of IIPR. PSI Advisors LLC increased its position in shares of Innovative Industrial Properties by 454.5% during the 1st quarter. PSI Advisors LLC now owns 610 shares of the company's stock valued at $33,000 after purchasing an additional 500 shares during the last quarter. SSA Swiss Advisors AG bought a new position in shares of Innovative Industrial Properties during the 1st quarter valued at approximately $33,000. GF Fund Management CO. LTD. bought a new position in shares of Innovative Industrial Properties during the 4th quarter valued at approximately $34,000. Signaturefd LLC increased its position in shares of Innovative Industrial Properties by 49.7% during the 1st quarter. Signaturefd LLC now owns 756 shares of the company's stock valued at $41,000 after purchasing an additional 251 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Innovative Industrial Properties during the 4th quarter valued at approximately $56,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Separately, Wolfe Research downgraded Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $78.67.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock opened at $53.26 on Friday. The stock's fifty day moving average is $54.67 and its two-hundred day moving average is $59.15. The company has a market capitalization of $1.49 billion, a PE ratio of 11.53 and a beta of 1.65. The company has a quick ratio of 10.30, a current ratio of 10.30 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a 52 week low of $45.44 and a 52 week high of $138.35.

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

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 14.3%. The ex-dividend date of this dividend was Monday, June 30th. Innovative Industrial Properties's dividend payout ratio is 164.50%.

About Innovative Industrial Properties

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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