VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $3.51 Million Investment in Innovative Industrial Properties, Inc. $IIPR

Key Points

• Virginia Retirement Systems acquired 56,665 shares of Innovative Industrial Properties worth approximately $3.51 million, taking a 0.21% stake. Institutional investors and hedge funds collectively own 70.58% of the company.
• Analysts maintain a cautious outlook, with three Hold ratings and one Sell rating; the stock has an average “Reduce” rating and a $48 price target versus an opening price of $57.03.
• IIPR reported quarterly EPS of $1.36, exceeding estimates of $1.02, while revenue of $63.31 million fell short of expectations. The company declared a $1.90 quarterly dividend, equivalent to a 13.3% annualized yield, though its payout ratio stands at 172.34%.

VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund acquired 56,665 shares of the company's stock, valued at approximately $3,512,000. VIRGINIA RETIREMENT SYSTEMS ET Al owned approximately 0.21% of Innovative Industrial Properties as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Royal Bank of Canada grew its holdings in Innovative Industrial Properties by 34.4% in the first quarter. Royal Bank of Canada now owns 14,318 shares of the company's stock worth $773,000 after purchasing an additional 3,667 shares during the period. Amundi raised its holdings in shares of Innovative Industrial Properties by 3.4% during the first quarter. Amundi now owns 15,766 shares of the company's stock valued at $826,000 after purchasing an additional 523 shares during the period. AQR Capital Management LLC acquired a new position in shares of Innovative Industrial Properties during the first quarter valued at about $1,470,000. Millennium Management LLC boosted its position in shares of Innovative Industrial Properties by 1,131.0% during the 1st quarter. Millennium Management LLC now owns 157,509 shares of the company's stock worth $8,520,000 after purchasing an additional 144,714 shares in the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in shares of Innovative Industrial Properties by 6.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 211,365 shares of the company's stock worth $11,433,000 after purchasing an additional 13,291 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company's stock.

Analysts Set New Price Targets

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

Innovative Industrial Properties Stock Performance

IIPR opened at $57.03 on Thursday. The company has a current ratio of 24.51, a quick ratio of 24.51 and a debt-to-equity ratio of 0.35. The company's fifty day moving average price is $59.54 and its two-hundred day moving average price is $56.70. Innovative Industrial Properties, Inc. has a 1-year low of $44.58 and a 1-year high of $65.38. The company has a market cap of $1.57 billion, a price-to-earnings ratio of 12.93 and a beta of 1.35.

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

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid 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 yield of 13.3%. Innovative Industrial Properties's payout ratio is 172.34%.

Insider Transactions at Innovative Industrial Properties

In related news, Director Bruce Ives acquired 528 shares of the firm's stock in a transaction on Monday, August 31st. The stock was purchased at an average cost of $56.70 per share, with a total value of $29,937.60. Following the acquisition, the director owned 3,180 shares of the company's stock, valued at approximately $180,306. This trade represents a 19.91% increase in their position. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 2.30% of the company's stock.

Innovative Industrial Properties Company 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.

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