GAMMA Investing LLC Raises Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

GAMMA Investing LLC raised its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 5,838.0% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 32,184 shares of the company's stock after purchasing an additional 31,642 shares during the period. GAMMA Investing LLC owned 0.11% of Innovative Industrial Properties worth $17,410,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its holdings in shares of Innovative Industrial Properties by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company's stock worth $294,798,000 after purchasing an additional 64,908 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Innovative Industrial Properties by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock worth $30,958,000 after buying an additional 7,179 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Innovative Industrial Properties by 20.6% in the fourth quarter. Northern Trust Corp now owns 435,879 shares of the company's stock valued at $29,047,000 after buying an additional 74,342 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Innovative Industrial Properties by 25.8% during the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company's stock valued at $25,233,000 after buying an additional 77,552 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of Innovative Industrial Properties by 2.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 342,123 shares of the company's stock valued at $22,799,000 after buying an additional 7,272 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company's stock.

Wall Street Analysts Forecast Growth

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

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock traded up $0.46 during mid-day trading on Friday, hitting $55.24. 143,536 shares of the stock were exchanged, compared to its average volume of 273,558. Innovative Industrial Properties, Inc. has a 12 month low of $45.44 and a 12 month high of $138.35. The company has a 50-day simple moving average of $53.69 and a 200 day simple moving average of $69.37. The company has a market capitalization of $1.55 billion, a P/E ratio of 9.99 and a beta of 1.73. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing analysts' consensus estimates of $2.06 by ($0.12). The business had revenue of $71.72 million for the quarter, compared to the consensus estimate of $72.20 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The business's revenue was down 5.7% compared to the same quarter last year. During the same quarter last year, the business posted $2.21 earnings per share. Sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 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 Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.76%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 146.15%.

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.