Essex Investment Management Co. LLC Acquires New Stake in Innovative Industrial Properties Inc (IIPR)

Essex Investment Management Co. LLC purchased a new position in shares of Innovative Industrial Properties Inc (NYSE:IIPR) during the 4th quarter, HoldingsChannel reports. The fund purchased 25,888 shares of the company’s stock, valued at approximately $836,000.

Separately, Acadian Asset Management LLC bought a new stake in Innovative Industrial Properties during the fourth quarter worth $261,000. 4.71% of the stock is owned by hedge funds and other institutional investors.

IIPR has been the topic of several analyst reports. Zacks Investment Research raised shares of Innovative Industrial Properties from a “sell” rating to a “buy” rating and set a $27.00 price target on the stock in a research report on Monday, December 25th. Ladenburg Thalmann Financial Services set a $23.00 price target on shares of Innovative Industrial Properties and gave the stock a “buy” rating in a research report on Wednesday, November 29th.

Shares of Innovative Industrial Properties Inc (NYSE IIPR) opened at $26.78 on Thursday. Innovative Industrial Properties Inc has a 1 year low of $15.45 and a 1 year high of $36.88. The stock has a market cap of $165.86, a price-to-earnings ratio of 651.75 and a beta of -4.52.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, November 8th. The company reported $0.09 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.04 by $0.05. Innovative Industrial Properties had a negative net margin of 108.39% and a negative return on equity of 8.09%. The firm had revenue of $1.56 million for the quarter.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, January 16th. Shareholders of record on Friday, December 29th were issued a $0.25 dividend. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $0.15. This represents a $1.00 annualized dividend and a dividend yield of 3.73%. The ex-dividend date was Thursday, December 28th. Innovative Industrial Properties’s payout ratio is currently -33.11%.

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About Innovative Industrial Properties

Innovative Industrial Properties, Inc is focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators for their regulated medical-use cannabis facilities. The Company intends to acquire its properties through sale-leaseback transactions and third-party purchases.

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