VIRGINIA RETIREMENT SYSTEMS ET Al lessened its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR – Free Report) by 51.6% in the 3rd quarter, HoldingsChannel.com reports. The firm owned 27,450 shares of the company’s stock after selling 29,215 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al’s holdings in Innovative Industrial Properties were worth $1,446,000 as of its most recent filing with the SEC.
Several other hedge funds have also bought and sold shares of IIPR. BlackRock Inc. purchased a new stake in Innovative Industrial Properties in the second quarter worth about $309,746,000. Arrowstreet Capital Limited Partnership raised its stake in shares of Innovative Industrial Properties by 3,423.1% in the first quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company’s stock worth $27,066,000 after buying an additional 524,284 shares during the period. Bank of New York Mellon Corp bought a new position in shares of Innovative Industrial Properties in the second quarter worth about $12,793,000. Legal & General Group Plc purchased a new position in shares of Innovative Industrial Properties during the 2nd quarter valued at about $10,438,000. Finally, Compass Financial Management LLC purchased a new position in shares of Innovative Industrial Properties during the 2nd quarter valued at about $4,475,000. Institutional investors own 70.58% of the company’s stock.
Innovative Industrial Properties News Roundup
Here are the key news stories impacting Innovative Industrial Properties this week:
- Positive Sentiment: IIPR reported third-quarter funds from operations (FFO) of $1.96 per share, above the $1.74 consensus estimate and up from $1.71 a year earlier. Revenue also beat expectations, with reported FFO and revenue surprises of 12.64% and 6.07%, respectively—evidence of better-than-expected performance. Article: Innovative Industrial Properties Beats Q3 FFO and Revenue Estimates
- Positive Sentiment: Management’s earnings-call discussion highlighted life-science investments and re-leasing activity as contributors to a 7% sequential increase in AFFO per share. Continued improvement in cash-generating performance could support investor confidence. Article: Innovative Industrial Q3 2026 Earnings Call Transcript
- Negative Sentiment: Piper Sandler raised its price target to $46 from $44 but kept an “underweight” rating, indicating a view that shares could be overvalued; the target implies 18.4% downside from the cited $56.37 price. Article: Piper Sandler Price Target Update
Innovative Industrial Properties Stock Up 2.5%
IIPR opened at $56.37 on Thursday. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of 7.28 and a beta of 1.33. The company has a debt-to-equity ratio of 0.41, a quick ratio of 24.51 and a current ratio of 10.66. The firm’s fifty day moving average is $54.32 and its 200 day moving average is $55.11. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $65.38.
Innovative Industrial Properties (NYSE:IIPR – Get Free Report) last issued its quarterly earnings results on Monday, November 2nd. The company reported $0.99 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.09. Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 53.20%. The business had revenue of $64.92 million during the quarter, compared to analyst estimates of $61.03 million. On average, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 6.83 earnings per share for the current fiscal year.
Innovative Industrial Properties Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 15th. Stockholders of record on Wednesday, September 30th were given a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 13.5%. The ex-dividend date was Wednesday, September 30th. Innovative Industrial Properties’s payout ratio is presently 172.34%.
Insider Activity
In other Innovative Industrial Properties news, Chairman Alan D. Gold bought 40,000 shares of the business’s stock in a transaction that occurred on Thursday, October 8th. The stock was purchased at an average price of $25.00 per share, for a total transaction of $1,000,000.00. Following the completion of the transaction, the chairman owned 40,000 shares of the company’s stock, valued at $1,000,000. This trade represents a ∞ increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Bruce Ives bought 528 shares of the business’s stock in a transaction that occurred on Monday, August 31st. The shares were acquired at an average price of $56.70 per share, with a total value of $29,937.60. Following the transaction, the director directly owned 3,180 shares of the company’s stock, valued at $180,306. This represents a 19.91% increase in their position. The disclosure for this purchase is available in the SEC filing. Company insiders own 2.30% of the company’s stock.
Wall Street Analyst Weigh In
A number of brokerages recently issued reports on IIPR. Stifel Nicolaus initiated coverage on Innovative Industrial Properties in a research note on Wednesday, October 14th. They set a “buy” rating and a $56.25 price objective for the company. Piper Sandler increased their target price on shares of Innovative Industrial Properties from $44.00 to $46.00 and gave the stock an “underweight” rating in a report on Wednesday. Weiss Ratings cut shares of Innovative Industrial Properties from a “hold (c)” rating to a “hold (c-)” rating in a research note on Thursday, October 8th. Finally, Huntington started coverage on shares of Innovative Industrial Properties in a report on Friday, October 2nd. They set an “outperform” rating and a $60.00 price target on the stock. Two analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Innovative Industrial Properties currently has an average rating of “Hold” and a consensus price target of $51.81.
Get Our Latest Analysis on IIPR
About Innovative Industrial Properties
Innovative Industrial Properties, Inc (NYSE:IIPR) is a real estate investment trust focused on the regulated cannabis industry in the United States. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and manufacturing facilities used by state-licensed cannabis operators.
Innovative Industrial Properties generally leases its properties to cannabis companies under long-term, typically triple-net lease agreements. Under these arrangements, tenants are generally responsible for property-level operating expenses, while the company provides real estate capital and manages its portfolio as a landlord.
Founded in 2016, Innovative Industrial Properties has expanded through property acquisitions, sale-leaseback transactions and investments in the development or redevelopment of cannabis facilities.
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