Brown Brothers Harriman & Co. Buys Shares of 1,929 Innovative Industrial Properties, Inc. (NYSE:IIPR)

Brown Brothers Harriman & Co. bought a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 1,929 shares of the company’s stock, valued at approximately $260,000.

Other hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. boosted its holdings in shares of Innovative Industrial Properties by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after purchasing an additional 10,711 shares during the period. Bank of New York Mellon Corp increased its position in Innovative Industrial Properties by 3.3% during the second quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after acquiring an additional 10,615 shares during the period. Dimensional Fund Advisors LP increased its position in Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after acquiring an additional 45,779 shares during the period. LSV Asset Management boosted its stake in Innovative Industrial Properties by 21.0% during the second quarter. LSV Asset Management now owns 122,646 shares of the company’s stock worth $13,395,000 after buying an additional 21,273 shares in the last quarter. Finally, Oppenheimer & Co. Inc. boosted its stake in Innovative Industrial Properties by 0.6% during the second quarter. Oppenheimer & Co. Inc. now owns 75,696 shares of the company’s stock worth $8,268,000 after buying an additional 446 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Down 0.1 %

IIPR stock opened at $109.07 on Thursday. The company has a market cap of $3.09 billion, a PE ratio of 19.46 and a beta of 1.37. The business has a 50-day simple moving average of $125.02 and a 200 day simple moving average of $118.74. Innovative Industrial Properties, Inc. has a 52 week low of $78.10 and a 52 week high of $138.35. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. During the same quarter in the prior year, the firm earned $2.29 EPS. The business’s revenue was down 1.7% on a year-over-year basis. Sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 6.97%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Piper Sandler cut their target price on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Finally, Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $127.67.

Innovative Industrial Properties Company 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.