GAMMA Investing LLC Has $17.41 Million Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

GAMMA Investing LLC lifted its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 5,838.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 32,184 shares of the company's stock after purchasing an additional 31,642 shares during the quarter. GAMMA Investing LLC owned 0.11% of Innovative Industrial Properties worth $17,410,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of IIPR. Bogart Wealth LLC acquired a new stake in Innovative Industrial Properties during the 4th quarter worth approximately $27,000. Compass Financial Services Inc bought a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $32,000. GF Fund Management CO. LTD. acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $34,000. Smartleaf Asset Management LLC lifted its position in Innovative Industrial Properties by 182.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock valued at $43,000 after acquiring an additional 417 shares in the last quarter. Finally, Headlands Technologies LLC acquired a new position in Innovative Industrial Properties in the 4th quarter worth $50,000. Institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Stock Up 2.3%

Shares of NYSE:IIPR traded up $1.30 during trading on Monday, hitting $56.64. 200,663 shares of the company were exchanged, compared to its average volume of 273,845. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $138.35. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 10.24 and a beta of 1.70. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average price of $53.69 and a two-hundred day moving average price of $68.86.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.12). The firm had revenue of $71.72 million during the quarter, compared to the consensus estimate of $72.20 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. Innovative Industrial Properties's quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.21 earnings per share. As a group, research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.42%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 146.15%.

Wall Street Analyst Weigh In

IIPR has been the topic of several recent research reports. Piper Sandler dropped their price target on Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 15th. Industrial Alliance Securities reissued a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Roth Mkm reduced their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Wolfe Research assumed coverage on shares of Innovative Industrial Properties in a research note on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 price target for the company. Finally, Compass Point reissued a "sell" rating and issued a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock 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.