Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Acquired by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC grew its position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 28.7% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 48,507 shares of the company's stock after acquiring an additional 10,815 shares during the quarter. Wedge Capital Management L L P NC owned 0.17% of Innovative Industrial Properties worth $2,624,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of IIPR. Bogart Wealth LLC purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at $27,000. GF Fund Management CO. LTD. bought a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $34,000. Smartleaf Asset Management LLC grew its stake in shares of Innovative Industrial Properties by 182.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock valued at $43,000 after buying an additional 417 shares during the last quarter. Headlands Technologies LLC purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter worth approximately $50,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $56,000. Hedge funds and other institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Stock Up 0.6%

Shares of NYSE IIPR traded up $0.33 during midday trading on Tuesday, reaching $57.01. 290,501 shares of the company's stock traded hands, compared to its average volume of 273,912. The company has a market cap of $1.60 billion, a price-to-earnings ratio of 10.31 and a beta of 1.70. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The stock's 50 day simple moving average is $53.69 and its 200-day simple moving average is $68.51.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.12). Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $71.72 million during the quarter, compared to the consensus estimate of $72.20 million. During the same period in the previous year, the firm posted $2.21 earnings per share. The company's revenue was down 5.7% on a year-over-year basis. On average, analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.33%. The ex-dividend date was Monday, March 31st. Innovative Industrial Properties's payout ratio is currently 146.15%.

Wall Street Analysts Forecast Growth

IIPR has been the topic of several research analyst reports. Piper Sandler cut their price objective on 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. Wolfe Research initiated coverage on shares of Innovative Industrial Properties in a report on Wednesday, April 23rd. They issued an "outperform" rating and a $57.00 price target on the stock. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Roth Mkm decreased their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a report on Friday, February 21st. Finally, Compass Point restated a "sell" rating and issued a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of "Hold" and a consensus price target of $78.67.

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.