Legal & General Group Plc Invests $10.44 Million in Innovative Industrial Properties, Inc. $IIPR

Legal & General Group Plc purchased a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the second quarter, Holdings Channel.com reports. The fund purchased 168,415 shares of the company’s stock, valued at approximately $10,438,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Innovative Industrial Properties in the second quarter valued at $309,746,000. Arrowstreet Capital Limited Partnership raised 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 valued at $27,066,000 after buying an additional 524,284 shares during the last quarter. Bank of New York Mellon Corp acquired a new position in Innovative Industrial Properties in the 2nd quarter valued at $12,793,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Innovative Industrial Properties by 229.6% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company’s stock valued at $15,906,000 after purchasing an additional 200,652 shares during the last quarter. Finally, Millennium Management LLC boosted its position in shares of Innovative Industrial Properties by 1,131.0% in the first quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock worth $8,520,000 after acquiring an additional 144,714 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

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

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $56.94 on Tuesday. The company has a quick ratio of 24.51, a current ratio of 24.51 and a debt-to-equity ratio of 0.35. The firm has a 50-day simple moving average of $60.27 and a 200 day simple moving average of $56.18. The company has a market cap of $1.57 billion, a PE ratio of 12.91 and a beta of 1.38. 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) last announced its quarterly earnings results on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.34. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%.The business had revenue of $63.31 million for the quarter, compared to the consensus estimate of $67.09 million. On average, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 7.05 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th were paid a $1.90 dividend. The ex-dividend date was Tuesday, June 30th. This represents a $7.60 annualized dividend and a dividend yield of 13.3%. 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.