25,100 Shares in Innovative Industrial Properties, Inc. $IIPR Purchased by OMERS ADMINISTRATION Corp

OMERS ADMINISTRATION Corp acquired a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 2nd quarter, Holdings Channel.com reports. The firm acquired 25,100 shares of the company’s stock, valued at approximately $1,556,000.

A number of other large investors also recently added to or reduced their stakes in the business. International Assets Investment Management LLC bought a new stake in shares of Innovative Industrial Properties during the fourth quarter worth approximately $25,000. Advisory Services Network LLC acquired a new position in Innovative Industrial Properties in the third quarter valued at approximately $34,000. Los Angeles Capital Management LLC bought a new position in Innovative Industrial Properties in the fourth quarter valued at approximately $35,000. Headlands Technologies LLC boosted its stake in Innovative Industrial Properties by 109.4% in the second quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock valued at $42,000 after acquiring an additional 396 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Innovative Industrial Properties by 33.4% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 819 shares of the company’s stock worth $39,000 after acquiring an additional 205 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Down 1.2%

Shares of NYSE IIPR opened at $56.93 on Thursday. The stock has a market cap of $1.57 billion, a P/E ratio of 12.91 and a beta of 1.38. The firm has a 50 day moving average price of $60.44 and a 200 day moving average price of $56.00. The company has a debt-to-equity ratio of 0.35, a quick ratio of 24.51 and a current ratio of 24.51. Innovative Industrial Properties, Inc. has a 52-week low of $44.58 and a 52-week high of $65.38.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, August 3rd. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.02 by $0.34. The firm had revenue of $63.31 million during the quarter, compared to the consensus estimate of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. Analysts expect that Innovative Industrial Properties, Inc. will post 7.15 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were given a $1.90 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.3%. Innovative Industrial Properties’s dividend payout ratio is currently 172.34%.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on IIPR shares. Weiss Ratings raised Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Zacks Research cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Finally, Piper Sandler upped their price objective on Innovative Industrial Properties from $45.00 to $51.00 and gave the company an “underweight” rating in a report on Tuesday, July 21st. Three investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Reduce” and a consensus price target of $48.00.

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.