Hsbc Holdings PLC Grows Position in Innovative Industrial Properties, Inc. $IIPR

Hsbc Holdings PLC boosted its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 22.2% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 45,089 shares of the company’s stock after purchasing an additional 8,189 shares during the quarter. Hsbc Holdings PLC’s holdings in Innovative Industrial Properties were worth $2,135,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. raised its holdings in shares of Innovative Industrial Properties by 4.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 540,742 shares of the company’s stock valued at $25,610,000 after buying an additional 23,901 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Innovative Industrial Properties by 26.2% in the 4th quarter. Goldman Sachs Group Inc. now owns 509,124 shares of the company’s stock valued at $24,112,000 after purchasing an additional 105,569 shares in the last quarter. Invesco Ltd. raised its stake in Innovative Industrial Properties by 12.1% during the fourth quarter. Invesco Ltd. now owns 493,507 shares of the company’s stock valued at $23,372,000 after buying an additional 53,143 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Innovative Industrial Properties by 4.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 350,367 shares of the company’s stock worth $16,593,000 after acquiring an additional 16,426 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Innovative Industrial Properties by 5.7% in the 3rd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 304,527 shares of the company’s stock valued at $16,317,000 after acquiring an additional 16,471 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR opened at $63.52 on Tuesday. The company has a quick ratio of 6.06, a current ratio of 6.06 and a debt-to-equity ratio of 0.20. The firm’s 50-day moving average price is $57.50 and its two-hundred day moving average price is $53.15. Innovative Industrial Properties, Inc. has a 52-week low of $44.58 and a 52-week high of $63.64. The stock has a market capitalization of $1.83 billion, a P/E ratio of 16.24 and a beta of 1.42.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, May 4th. The company reported $1.02 earnings per share for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.05). The company had revenue of $69.00 million for the quarter, compared to analyst estimates of $65.65 million. Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The firm’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.94 earnings per share. As a group, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th will be paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 12.0%. The ex-dividend date is Tuesday, June 30th. Innovative Industrial Properties’s dividend payout ratio is presently 194.37%.

Analysts Set New Price Targets

Several research firms recently issued reports on IIPR. Weiss Ratings upgraded Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research note on Tuesday, May 26th. Compass Point upgraded shares of Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 target price for the company in a research note on Tuesday, March 3rd. Finally, Zacks Research cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Four analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Innovative Industrial Properties has an average rating of “Reduce” and a consensus target price of $45.00.

About Innovative Industrial Properties

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.