Compass Financial Management LLC Invests $4.47 Million in Innovative Industrial Properties, Inc. $IIPR

Compass Financial Management LLC purchased a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 72,193 shares of the company’s stock, valued at approximately $4,475,000.

Other large investors have also recently bought and sold shares of the company. Arrowstreet Capital Limited Partnership lifted its position 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 purchasing an additional 524,284 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. purchased a new position in Innovative Industrial Properties during the second quarter valued at approximately $1,537,000. First Trust Advisors LP grew its position in Innovative Industrial Properties by 20.4% during the first quarter. First Trust Advisors LP now owns 100,294 shares of the company’s stock valued at $5,031,000 after purchasing an additional 17,000 shares in the last quarter. Legal & General Group Plc grew its position in Innovative Industrial Properties by 13.4% during the fourth quarter. Legal & General Group Plc now owns 193,926 shares of the company’s stock valued at $9,184,000 after purchasing an additional 22,926 shares in the last quarter. Finally, Hsbc Holdings PLC increased its stake in Innovative Industrial Properties by 22.2% in the 4th quarter. Hsbc Holdings PLC now owns 45,089 shares of the company’s stock valued at $2,135,000 after buying an additional 8,189 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Innovative Industrial Properties Trading Up 0.1%

NYSE:IIPR opened at $56.76 on Friday. The stock’s 50 day moving average price is $60.59 and its 200 day moving average price is $55.77. Innovative Industrial Properties, Inc. has a 52 week low of $44.58 and a 52 week high of $65.38. The company has a market capitalization of $1.56 billion, a P/E ratio of 12.87 and a beta of 1.38. The company has a debt-to-equity ratio of 0.35, a quick ratio of 24.51 and a current ratio of 24.51.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.34. The firm had revenue of $63.31 million during the quarter, compared to analysts’ expectations of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. On average, research analysts forecast that Innovative Industrial Properties, Inc. will post 7.15 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a dividend of $1.90 per share. The ex-dividend date was Tuesday, June 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.4%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 172.34%.

Innovative Industrial Properties Company Profile

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.