Pacer Advisors Inc. Has $6.53 Million Stake in Innovative Industrial Properties, Inc. $IIPR

Pacer Advisors Inc. lifted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 12.3% in the 1st quarter, Holdings Channel reports. The institutional investor owned 130,218 shares of the company’s stock after purchasing an additional 14,253 shares during the quarter. Pacer Advisors Inc.’s holdings in Innovative Industrial Properties were worth $6,532,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of IIPR. Royal Bank of Canada boosted its position in Innovative Industrial Properties by 34.4% during the 1st quarter. Royal Bank of Canada now owns 14,318 shares of the company’s stock worth $773,000 after acquiring an additional 3,667 shares during the last quarter. Amundi raised its holdings in shares of Innovative Industrial Properties by 3.4% in 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 last quarter. AQR Capital Management LLC acquired a new stake in shares of Innovative Industrial Properties in the first quarter valued at approximately $1,470,000. Millennium Management LLC lifted its position in shares of Innovative Industrial Properties by 1,131.0% in the first 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. lifted its position in shares of Innovative Industrial Properties by 6.7% in the first 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. 70.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on the stock. Piper Sandler raised their target price on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the company an “underweight” rating in a research report on Tuesday, July 21st. Zacks Research cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings upgraded shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Three investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $48.00.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR opened at $58.57 on Thursday. The company has a current ratio of 24.51, a quick ratio of 6.06 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $1.69 billion, a P/E ratio of 13.28 and a beta of 1.38. Innovative Industrial Properties, Inc. has a 12 month low of $44.58 and a 12 month high of $65.38. The stock has a 50 day moving average of $61.03 and a 200-day moving average of $55.17.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.34. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%.The business had revenue of $63.31 million for the quarter, compared to analysts’ expectations of $67.09 million. As a group, equities research analysts predict that Innovative Industrial Properties, Inc. will post 6.97 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were given a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $7.60 annualized dividend and a dividend yield of 13.0%. Innovative Industrial Properties’s dividend payout ratio is presently 172.34%.

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.