Illinois Municipal Retirement Fund Has $1.60 Million Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Illinois Municipal Retirement Fund reduced its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,880 shares of the company’s stock after selling 169 shares during the period. Illinois Municipal Retirement Fund’s holdings in Innovative Industrial Properties were worth $1,601,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in IIPR. Headlands Technologies LLC bought a new position in Innovative Industrial Properties during the 3rd quarter worth $25,000. FNY Investment Advisers LLC acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at about $40,000. Global Retirement Partners LLC increased its position in Innovative Industrial Properties by 67.6% during the third quarter. Global Retirement Partners LLC now owns 796 shares of the company’s stock worth $58,000 after acquiring an additional 321 shares during the period. Headinvest LLC acquired a new stake in Innovative Industrial Properties in the 3rd quarter worth about $62,000. Finally, Independence Bank of Kentucky boosted its holdings in Innovative Industrial Properties by 82.9% in the 4th quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock valued at $65,000 after purchasing an additional 290 shares during the period. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $97.71 on Friday. The company has a current ratio of 14.22, a quick ratio of 14.22 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $2.76 billion, a PE ratio of 16.93 and a beta of 1.49. The firm has a 50 day moving average of $97.65 and a 200-day moving average of $90.66. Innovative Industrial Properties, Inc. has a 12 month low of $64.56 and a 12 month high of $105.81.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, February 26th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $2.07 by ($0.62). The firm had revenue of $79.16 million for the quarter, compared to analyst estimates of $76.55 million. Innovative Industrial Properties had a net margin of 53.50% and a return on equity of 8.54%. On average, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a dividend of $1.82 per share. The ex-dividend date was Wednesday, March 27th. This represents a $7.28 annualized dividend and a dividend yield of 7.45%. Innovative Industrial Properties’s dividend payout ratio is currently 126.17%.

Analyst Ratings Changes

IIPR has been the topic of several recent research reports. TheStreet raised shares of Innovative Industrial Properties from a “c+” rating to a “b-” rating in a report on Wednesday, January 10th. Piper Sandler lifted their price objective on Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. Four equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, Innovative Industrial Properties currently has a consensus rating of “Hold” and an average price target of $92.67.

Innovative Industrial Properties Profile

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.