Public Employees Retirement System of Ohio Makes New $2.02 Million Investment in Innovative Industrial Properties, Inc. $IIPR

Key Points

• Public Employees Retirement System of Ohio purchased 32,665 shares of Innovative Industrial Properties, valued at approximately $2.02 million, giving it a 0.12% stake. Institutional investors collectively own 70.58% of the company.
• Innovative Industrial Properties reported quarterly EPS of $1.36, beating estimates of $1.02, while revenue of $63.31 million fell short of the $67.09 million consensus forecast.
• The company pays a quarterly dividend of $1.90, equivalent to an annualized $7.60 and a 13.3% yield; however, its payout ratio is high at 172.34%. Analysts maintain a “Reduce” consensus rating with a $48 average price target.

Public Employees Retirement System of Ohio bought a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 32,665 shares of the company's stock, valued at approximately $2,025,000. Public Employees Retirement System of Ohio owned approximately 0.12% of Innovative Industrial Properties at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at approximately $25,000. Advisory Services Network LLC acquired a new position in Innovative Industrial Properties in the third quarter worth $34,000. Los Angeles Capital Management LLC acquired a new position in Innovative Industrial Properties in the fourth quarter worth $35,000. Headlands Technologies LLC increased its stake in Innovative Industrial Properties by 109.4% during the second quarter. Headlands Technologies LLC now owns 758 shares of the company's stock valued at $42,000 after purchasing an additional 396 shares during the last quarter. Finally, Triumph Capital Management bought a new stake in Innovative Industrial Properties during the third quarter valued at $44,000. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Price Performance

Shares of IIPR opened at $56.93 on Monday. Innovative Industrial Properties, Inc. has a 12 month low of $44.58 and a 12 month high of $65.38. The company has a debt-to-equity ratio of 0.35, a current ratio of 24.51 and a quick ratio of 24.51. The stock has a fifty day moving average price of $59.88 and a 200 day moving average price of $56.48. The company has a market cap of $1.57 billion, a P/E ratio of 12.91 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.02 by $0.34. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. The company had revenue of $63.31 million during the quarter, compared to the consensus estimate of $67.09 million. On average, research analysts forecast that Innovative Industrial Properties, Inc. will post 7.05 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were given a $1.90 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $7.60 annualized dividend and a yield of 13.3%. Innovative Industrial Properties's dividend payout ratio is 172.34%.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director Bruce Alan Ives acquired 528 shares of Innovative Industrial Properties stock in a transaction dated Monday, August 31st. The stock was acquired at an average cost of $56.70 per share, for a total transaction of $29,937.60. Following the completion of the transaction, the director owned 3,180 shares in the company, valued at approximately $180,306. This represents a 19.91% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 2.30% of the company's stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on IIPR shares. Weiss Ratings raised shares of Innovative Industrial Properties from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 6th. Piper Sandler lifted their price target on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the company an "underweight" rating in a report on Tuesday, July 21st. Three equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Reduce" and an average price target of $48.00.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.

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