Segall Bryant & Hamill LLC Takes $2.53 Million Position in Innovative Industrial Properties, Inc. $IIPR

Segall Bryant & Hamill LLC acquired a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 47,196 shares of the company’s stock, valued at approximately $2,529,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. West Oak Capital LLC purchased a new stake in Innovative Industrial Properties in the 3rd quarter valued at $27,000. Huntington National Bank grew its holdings in shares of Innovative Industrial Properties by 110.6% in the third quarter. Huntington National Bank now owns 697 shares of the company’s stock valued at $37,000 after purchasing an additional 366 shares during the period. Headlands Technologies LLC increased its position in Innovative Industrial Properties by 109.4% during the second quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock worth $42,000 after purchasing an additional 396 shares during the last quarter. Caitlin John LLC acquired a new stake in Innovative Industrial Properties during the third quarter worth about $44,000. Finally, Hantz Financial Services Inc. raised its stake in Innovative Industrial Properties by 482.2% during the third quarter. Hantz Financial Services Inc. now owns 885 shares of the company’s stock worth $47,000 after purchasing an additional 733 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $55.13 on Friday. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.38 and a current ratio of 4.38. The firm has a market cap of $1.55 billion, a P/E ratio of 14.06 and a beta of 1.45. The firm’s 50 day moving average price is $49.45 and its 200-day moving average price is $51.87. Innovative Industrial Properties, Inc. has a one year low of $44.58 and a one year high of $74.92.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Monday, February 23rd. The company reported $1.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.71 by $0.17. Innovative Industrial Properties had a return on equity of 6.43% and a net margin of 44.46%.The company had revenue of $66.66 million for the quarter, compared to analyst estimates of $66.16 million. During the same quarter in the previous year, the company earned $2.03 earnings per share. The firm’s quarterly revenue was down 13.1% compared to the same quarter last year. As a group, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $7.60 annualized dividend and a yield of 13.8%. Innovative Industrial Properties’s dividend payout ratio is presently 193.88%.

Analyst Ratings Changes

IIPR has been the subject of several analyst reports. Piper Sandler increased their price target on shares of Innovative Industrial Properties from $44.00 to $45.00 and gave the company an “underweight” rating in a research note on Wednesday, February 25th. Compass Point upgraded Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price objective for the company in a research report on Tuesday. Finally, Weiss Ratings cut Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, January 28th. Three equities research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Reduce” and a consensus target price of $51.75.

Innovative Industrial Properties 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.