Wedge Capital Management L L P NC Buys 10,815 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Wedge Capital Management L L P NC boosted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 28.7% in the 1st quarter, HoldingsChannel.com reports. The fund owned 48,507 shares of the company’s stock after buying an additional 10,815 shares during the period. Wedge Capital Management L L P NC’s holdings in Innovative Industrial Properties were worth $2,624,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Bogart Wealth LLC purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $27,000. GF Fund Management CO. LTD. purchased a new position in shares of Innovative Industrial Properties in the fourth quarter valued at $34,000. Smartleaf Asset Management LLC increased its position in Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after purchasing an additional 417 shares during the last quarter. Headlands Technologies LLC purchased a new stake in Innovative Industrial Properties during the fourth quarter valued at $50,000. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new stake in Innovative Industrial Properties during the fourth quarter valued at $56,000. 70.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

A number of research firms have recently weighed in on IIPR. Piper Sandler reduced their target price on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a report on Tuesday, April 15th. Compass Point reiterated a “sell” rating and issued a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Industrial Alliance Securities restated a “neutral” rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Roth Mkm lowered their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Finally, Wolfe Research assumed coverage on Innovative Industrial Properties in a report on Wednesday, April 23rd. They issued an “outperform” rating and a $57.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $78.67.

Innovative Industrial Properties Stock Up 2.3%

Shares of NYSE IIPR opened at $56.64 on Tuesday. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $138.35. The firm has a 50-day simple moving average of $53.69 and a two-hundred day simple moving average of $68.51. The company has a market cap of $1.59 billion, a P/E ratio of 10.24 and a beta of 1.70. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.12). Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The business had revenue of $71.72 million during the quarter, compared to analysts’ expectations of $72.20 million. During the same quarter in the previous year, the company posted $2.21 earnings per share. The company’s quarterly revenue was down 5.7% compared to the same quarter last year. Research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 13.42%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 146.15%.

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.