The Manufacturers Life Insurance Company Makes New Investment in Innovative Industrial Properties, Inc. $IIPR

The Manufacturers Life Insurance Company purchased a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 23,348 shares of the company's stock, valued at approximately $1,447,000. The Manufacturers Life Insurance Company owned about 0.08% of Innovative Industrial Properties as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. BlackRock Inc. acquired a new position in shares of Innovative Industrial Properties during the 2nd quarter worth about $309,746,000. Arrowstreet Capital Limited Partnership grew its holdings in Innovative Industrial Properties by 3,423.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company's stock valued at $27,066,000 after buying an additional 524,284 shares during the last quarter. Bank of New York Mellon Corp acquired a new stake in Innovative Industrial Properties in the 2nd quarter valued at approximately $12,793,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its position in Innovative Industrial Properties by 229.6% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company's stock worth $15,906,000 after buying an additional 200,652 shares during the period. Finally, Millennium Management LLC lifted its holdings in shares of Innovative Industrial Properties by 1,131.0% during the first quarter. Millennium Management LLC now owns 157,509 shares of the company's stock worth $8,520,000 after buying an additional 144,714 shares during the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Weiss Ratings raised Innovative Industrial Properties from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, August 6th. Piper Sandler boosted their target price on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 21st. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of "Reduce" and an average target price of $48.00.

Innovative Industrial Properties Stock Down 0.2%

NYSE IIPR opened at $56.69 on Friday. Innovative Industrial Properties, Inc. has a twelve month low of $44.58 and a twelve month high of $65.38. The stock has a market cap of $1.56 billion, a PE ratio of 12.85 and a beta of 1.35. The firm has a 50-day simple moving average of $60.00 and a 200 day simple moving average of $56.40. The company has a debt-to-equity ratio of 0.35, a quick ratio of 24.51 and a current ratio of 24.51.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued 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. The firm had revenue of $63.31 million for the quarter, compared to analyst estimates of $67.09 million. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%. On average, research analysts forecast that Innovative Industrial Properties, Inc. will post 7.05 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a dividend of $1.90 per share. The ex-dividend date was Tuesday, June 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.4%. Innovative Industrial Properties's payout ratio is currently 172.34%.

Insider Activity

In other news, Director Bruce Alan Ives bought 528 shares of the business's stock in a transaction that occurred on 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 purchase, the director owned 3,180 shares of the company's stock, valued at $180,306. This trade represents a 19.91% increase in their position. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 2.30% of the company's stock.

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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