TrueMark Investments LLC Takes Position in Innovative Industrial Properties, Inc. $IIPR

Key Points

• TrueMark Investments LLC opened a new position in Innovative Industrial Properties (NYSE:IIPR), buying 20,743 shares worth about $982,000, roughly 0.07% of the company.
• IIPR declared a quarterly dividend of $1.90 ($7.60 annualized)
• Analysts are cautious overall—MarketBeat shows a consensus rating of "Reduce" with a $49 consensus target, and recent notes range from Piper Sandler's underweight ($45 target) to Compass Point's upgrade to neutral and Weiss Ratings' downgrade to sell.

TrueMark Investments LLC purchased a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund purchased 20,743 shares of the company's stock, valued at approximately $982,000. TrueMark Investments LLC owned 0.07% of Innovative Industrial Properties as of its most recent filing with the SEC.

A number of other large investors have also recently added to or reduced their stakes in IIPR. West Oak Capital LLC purchased a new position in Innovative Industrial Properties in the third quarter worth approximately $27,000. FNY Investment Advisers LLC acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at $32,000. Advisory Services Network LLC acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at $34,000. Huntington National Bank grew its holdings in shares of Innovative Industrial Properties by 110.6% during the 3rd quarter. Huntington National Bank now owns 697 shares of the company's stock worth $37,000 after purchasing an additional 366 shares during the period. Finally, Headlands Technologies LLC grew its holdings in shares of Innovative Industrial Properties by 109.4% during the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the company's stock worth $42,000 after purchasing an additional 396 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms have commented on IIPR. Piper Sandler upped their target price on shares of Innovative Industrial Properties from $44.00 to $45.00 and gave the company an "underweight" rating in a research report on Wednesday, February 25th. Compass Point upgraded shares of Innovative Industrial Properties from a "sell" rating to a "neutral" rating and set a $45.00 price target for the company in a research report on Tuesday, March 3rd. Finally, Weiss Ratings downgraded shares of Innovative Industrial Properties from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Reduce" and a consensus target price of $49.00.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR opened at $50.95 on Monday. The company has a current ratio of 4.38, a quick ratio of 4.38 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $1.43 billion, a PE ratio of 13.00 and a beta of 1.45. Innovative Industrial Properties, Inc. has a twelve month low of $44.58 and a twelve month high of $65.91. The stock has a fifty day simple moving average of $50.47 and a 200-day simple moving average of $51.56.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its earnings results on Monday, February 23rd. The company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.17. The firm had revenue of $66.66 million for the quarter, compared to analyst estimates of $66.16 million. Innovative Industrial Properties had a return on equity of 6.43% and a net margin of 44.46%.Innovative Industrial Properties's revenue was down 13.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $2.03 EPS. On average, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Stockholders of record on Tuesday, March 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 14.9%. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 193.88%.

Innovative Industrial Properties Profile

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.

Want to see what other hedge funds are holding IIPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.