Hsbc Holdings PLC Purchases Shares of 55,831 Innovative Industrial Properties, Inc. $IIPR

Hsbc Holdings PLC acquired a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 55,831 shares of the company’s stock, valued at approximately $3,460,000.

Several other institutional investors have also recently made changes to their positions in IIPR. BlackRock Inc. purchased a new position in Innovative Industrial Properties in the 2nd quarter worth approximately $309,746,000. Charles Schwab Investment Management Inc. grew its holdings in Innovative Industrial Properties by 4.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 540,742 shares of the company’s stock valued at $25,610,000 after buying an additional 23,901 shares in the last quarter. Arrowstreet Capital Limited Partnership raised its position in shares of Innovative Industrial Properties by 3,423.1% during the first quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company’s stock valued at $27,066,000 after buying an additional 524,284 shares during the last quarter. Goldman Sachs Group Inc. raised its position in shares of Innovative Industrial Properties by 26.2% during the fourth quarter. Goldman Sachs Group Inc. now owns 509,124 shares of the company’s stock valued at $24,112,000 after buying an additional 105,569 shares during the last quarter. Finally, Invesco Ltd. lifted its holdings in shares of Innovative Industrial Properties by 12.1% in the fourth quarter. Invesco Ltd. now owns 493,507 shares of the company’s stock worth $23,372,000 after buying an additional 53,143 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on IIPR shares. Piper Sandler upped their target price on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 21st. Weiss Ratings upgraded shares of Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a research note on Thursday, August 6th. Finally, Zacks Research downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Three investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus price target of $48.00.

Innovative Industrial Properties Stock Up 0.1%

NYSE IIPR opened at $56.45 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 24.51 and a current ratio of 24.51. The company has a market capitalization of $1.56 billion, a P/E ratio of 12.80 and a beta of 1.38. Innovative Industrial Properties, Inc. has a one year low of $44.58 and a one year high of $65.38. The stock has a 50 day moving average price of $60.31 and a 200-day moving average price of $56.06.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.34. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. The company had revenue of $63.31 million for the quarter, compared to analysts’ expectations of $67.09 million. As a group, equities analysts predict that Innovative Industrial Properties, Inc. will post 7.05 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were issued a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.5%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 172.34%.

About Innovative Industrial Properties

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.