Mirae Asset Global Investments Co. Ltd. increased its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR – Free Report) by 5.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 234,820 shares of the company’s stock after purchasing an additional 13,127 shares during the period. Mirae Asset Global Investments Co. Ltd. owned approximately 0.84% of Innovative Industrial Properties worth $17,844,000 as of its most recent SEC filing.
A number of other institutional investors have also made changes to their positions in IIPR. Private Advisor Group LLC grew its stake in shares of Innovative Industrial Properties by 41.5% during the first quarter. Private Advisor Group LLC now owns 2,344 shares of the company’s stock worth $481,000 after purchasing an additional 687 shares during the period. Bank of Montreal Can grew its stake in shares of Innovative Industrial Properties by 8.1% during the first quarter. Bank of Montreal Can now owns 9,019 shares of the company’s stock worth $1,893,000 after purchasing an additional 676 shares during the period. MetLife Investment Management LLC grew its stake in Innovative Industrial Properties by 55.5% in the first quarter. MetLife Investment Management LLC now owns 12,587 shares of the company’s stock valued at $2,585,000 after acquiring an additional 4,492 shares during the period. Rhumbline Advisers grew its stake in Innovative Industrial Properties by 8.2% in the first quarter. Rhumbline Advisers now owns 64,743 shares of the company’s stock valued at $13,298,000 after acquiring an additional 4,898 shares during the period. Finally, Great West Life Assurance Co. Can grew its stake in Innovative Industrial Properties by 6.5% in the first quarter. Great West Life Assurance Co. Can now owns 42,089 shares of the company’s stock valued at $8,914,000 after acquiring an additional 2,556 shares during the period. 72.95% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research analysts have issued reports on IIPR shares. Compass Point decreased their target price on Innovative Industrial Properties to $100.00 in a research note on Wednesday, May 17th. Piper Sandler cut Innovative Industrial Properties from an “overweight” rating to a “neutral” rating and set a $80.00 target price for the company. in a research note on Thursday, June 29th. StockNews.com initiated coverage on Innovative Industrial Properties in a research note on Thursday, May 18th. They issued a “hold” rating for the company. Finally, Craig Hallum cut Innovative Industrial Properties from a “buy” rating to a “hold” rating and reduced their price objective for the stock from $125.00 to $80.00 in a research report on Wednesday, May 10th. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Innovative Industrial Properties currently has an average rating of “Hold” and an average target price of $121.80.
Innovative Industrial Properties Stock Up 0.9 %
Innovative Industrial Properties (NYSE:IIPR – Get Free Report) last released its earnings results on Monday, May 8th. The company reported $1.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.89 by ($0.46). Innovative Industrial Properties had a return on equity of 8.29% and a net margin of 54.95%. The company had revenue of $76.07 million for the quarter, compared to the consensus estimate of $70.80 million. On average, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 7.98 earnings per share for the current fiscal year.
Innovative Industrial Properties Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Friday, July 14th. Investors of record on Friday, June 30th were issued a dividend of $1.80 per share. The ex-dividend date was Thursday, June 29th. This represents a $7.20 annualized dividend and a yield of 9.18%. Innovative Industrial Properties’s payout ratio is presently 127.43%.
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.
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