Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Bought by TrueWealth Advisors LLC

TrueWealth Advisors LLC boosted its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 2.4% in the third quarter, HoldingsChannel reports. The firm owned 23,985 shares of the company’s stock after buying an additional 553 shares during the period. Innovative Industrial Properties accounts for about 1.1% of TrueWealth Advisors LLC’s holdings, making the stock its 20th biggest holding. TrueWealth Advisors LLC’s holdings in Innovative Industrial Properties were worth $3,228,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. LSV Asset Management raised its position in shares of Innovative Industrial Properties by 124.4% in the first quarter. LSV Asset Management now owns 101,373 shares of the company’s stock worth $10,496,000 after acquiring an additional 56,200 shares during the period. Prevail Innovative Wealth Advisors LLC acquired a new position in shares of Innovative Industrial Properties during the 1st quarter worth about $2,046,000. SG Americas Securities LLC raised its position in shares of Innovative Industrial Properties by 75.7% during the 1st quarter. SG Americas Securities LLC now owns 19,573 shares of the company’s stock worth $2,027,000 after purchasing an additional 8,436 shares during the last quarter. Texas Permanent School Fund Corp raised its position in shares of Innovative Industrial Properties by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 24,540 shares of the company’s stock worth $2,541,000 after purchasing an additional 328 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its position in shares of Innovative Industrial Properties by 18.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,159 shares of the company’s stock worth $21,242,000 after purchasing an additional 31,313 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Price Performance

NYSE IIPR traded down $2.19 during trading hours on Friday, hitting $127.00. 142,924 shares of the company’s stock traded hands, compared to its average volume of 122,071. Innovative Industrial Properties, Inc. has a 52-week low of $73.04 and a 52-week high of $138.35. The company has a market capitalization of $3.60 billion, a PE ratio of 22.28 and a beta of 1.37. The company has a debt-to-equity ratio of 0.15, a current ratio of 18.06 and a quick ratio of 18.06. The firm’s 50-day moving average is $130.11 and its 200-day moving average is $117.61.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The business had revenue of $79.79 million for the quarter, compared to analysts’ expectations of $77.18 million. During the same period in the prior year, the company posted $2.26 EPS. The firm’s revenue was up 4.4% on a year-over-year basis. Equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $1.90 per share. The ex-dividend date was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 5.98%. Innovative Industrial Properties’s dividend payout ratio is presently 133.33%.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the stock. Piper Sandler upped their price target on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Finally, Roth Mkm upped their price target on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd.

About Innovative Industrial Properties

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.