Exchange Traded Concepts LLC Increases Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Exchange Traded Concepts LLC increased its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 100.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 32,106 shares of the company's stock after acquiring an additional 16,071 shares during the period. Exchange Traded Concepts LLC owned approximately 0.11% of Innovative Industrial Properties worth $1,737,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of IIPR. GF Fund Management CO. LTD. bought a new position in shares of Innovative Industrial Properties in the fourth quarter worth approximately $34,000. Smartleaf Asset Management LLC lifted its stake in shares of Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock worth $43,000 after buying an additional 417 shares in the last quarter. Headlands Technologies LLC bought a new position in shares of Innovative Industrial Properties in the fourth quarter worth approximately $50,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Innovative Industrial Properties in the fourth quarter worth approximately $56,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in shares of Innovative Industrial Properties in the fourth quarter worth approximately $57,000. Institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Stock Performance

IIPR stock traded up $0.10 during midday trading on Friday, reaching $57.99. 441,768 shares of the company's stock traded hands, compared to its average volume of 277,294. Innovative Industrial Properties, Inc. has a 52-week low of $45.44 and a 52-week high of $138.35. The stock has a market cap of $1.62 billion, a P/E ratio of 11.15 and a beta of 1.70. The company has a current ratio of 10.73, a quick ratio of 10.73 and a debt-to-equity ratio of 0.15. The stock's 50-day moving average is $54.90 and its 200 day moving average is $65.53.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.12). The company had revenue of $71.72 million for the quarter, compared to the consensus estimate of $72.20 million. Innovative Industrial Properties had a net margin of 50.30% and a return on equity of 8.01%. The business's revenue for the quarter was down 5.7% on a year-over-year basis. During the same period in the prior year, the firm posted $2.21 EPS. As a group, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 13.11%. The ex-dividend date of this dividend is Monday, June 30th. Innovative Industrial Properties's payout ratio is 146.15%.

Analyst Ratings Changes

Several brokerages have recently issued reports on IIPR. Industrial Alliance Securities reiterated a "neutral" rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Roth Mkm lowered their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a research report on Friday, February 21st. Compass Point restated a "sell" rating and set a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Piper Sandler lowered their price objective on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 15th. Finally, Wolfe Research initiated coverage on shares of Innovative Industrial Properties in a research report on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of "Hold" and an average price target of $78.67.

Innovative Industrial Properties Company 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.