Summit Global Investments Boosts Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Summit Global Investments grew its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 22.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,302 shares of the company’s stock after acquiring an additional 2,588 shares during the quarter. Summit Global Investments owned about 0.05% of Innovative Industrial Properties worth $1,442,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Headlands Technologies LLC purchased a new stake in Innovative Industrial Properties during the third quarter valued at about $25,000. GAMMA Investing LLC acquired a new stake in Innovative Industrial Properties during the 4th quarter worth approximately $26,000. FNY Investment Advisers LLC purchased a new position in Innovative Industrial Properties in the fourth quarter valued at approximately $40,000. Headinvest LLC acquired a new position in Innovative Industrial Properties during the third quarter valued at approximately $62,000. Finally, Independence Bank of Kentucky lifted its position in Innovative Industrial Properties by 82.9% during the fourth quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock valued at $65,000 after buying an additional 290 shares in the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Up 1.1 %

Innovative Industrial Properties stock traded up $1.19 during midday trading on Friday, hitting $109.48. 286,937 shares of the stock were exchanged, compared to its average volume of 228,108. Innovative Industrial Properties, Inc. has a 1 year low of $65.16 and a 1 year high of $111.71. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.22 and a quick ratio of 14.22. The firm has a market cap of $3.09 billion, a P/E ratio of 18.97 and a beta of 1.48. The company has a 50 day moving average price of $99.17 and a two-hundred day moving average price of $91.83.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Monday, February 26th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.62). The business had revenue of $79.16 million for the quarter, compared to analysts’ expectations of $76.55 million. Innovative Industrial Properties had a return on equity of 8.54% and a net margin of 53.50%. On average, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.49 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were paid a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 6.65%. The ex-dividend date of this dividend was Wednesday, March 27th. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 126.17%.

Analyst Ratings Changes

A number of brokerages have recently commented on IIPR. TheStreet raised shares of Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research note on Wednesday, January 10th. Piper Sandler increased their target price on Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Four investment analysts have rated the stock with a hold rating, Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $92.67.

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.