54,005 Shares in Innovative Industrial Properties, Inc. (NYSE:IIPR) Acquired by New Age Alpha Advisors LLC

New Age Alpha Advisors LLC bought a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 54,005 shares of the company's stock, valued at approximately $2,921,000. New Age Alpha Advisors LLC owned approximately 0.19% of Innovative Industrial Properties as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. LPL Financial LLC grew its position in Innovative Industrial Properties by 30.4% during the fourth quarter. LPL Financial LLC now owns 39,919 shares of the company's stock worth $2,660,000 after buying an additional 9,312 shares in the last quarter. Principal Financial Group Inc. boosted its position in shares of Innovative Industrial Properties by 2.6% during the 1st quarter. Principal Financial Group Inc. now owns 155,355 shares of the company's stock valued at $8,403,000 after acquiring an additional 3,961 shares during the last quarter. Bank of America Corp DE grew its holdings in shares of Innovative Industrial Properties by 9.1% during the fourth quarter. Bank of America Corp DE now owns 16,759 shares of the company's stock worth $1,117,000 after purchasing an additional 1,395 shares in the last quarter. Janney Montgomery Scott LLC increased its position in shares of Innovative Industrial Properties by 6.9% in the first quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company's stock worth $267,000 after purchasing an additional 319 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in shares of Innovative Industrial Properties by 27.8% in the fourth quarter. Wells Fargo & Company MN now owns 16,543 shares of the company's stock worth $1,102,000 after purchasing an additional 3,603 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on IIPR. Wolfe Research lowered shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, July 2nd. 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. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of "Hold" and an average target price of $78.67.

Innovative Industrial Properties Price Performance

IIPR traded down $0.26 during midday trading on Friday, hitting $45.84. The stock had a trading volume of 604,363 shares, compared to its average volume of 312,100. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 10.73 and a current ratio of 10.30. The business has a fifty day moving average of $54.89 and a 200 day moving average of $59.58. The company has a market cap of $1.28 billion, a P/E ratio of 9.92 and a beta of 1.65.

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

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 16.6%. The ex-dividend date was Monday, June 30th. Innovative Industrial Properties's dividend payout ratio is presently 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.