Summit Global Investments Acquires 2,588 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Summit Global Investments increased its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 22.1% in the fourth quarter, HoldingsChannel reports. The firm owned 14,302 shares of the company’s stock after purchasing an additional 2,588 shares during the period. Summit Global Investments’ holdings in Innovative Industrial Properties were worth $1,442,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the business. Los Angeles Capital Management LLC acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at about $946,000. New York Life Investment Management LLC bought a new stake in Innovative Industrial Properties in the 4th quarter valued at $941,000. Victory Capital Management Inc. raised its stake in shares of Innovative Industrial Properties by 25.5% in the 4th quarter. Victory Capital Management Inc. now owns 20,968 shares of the company’s stock valued at $2,114,000 after buying an additional 4,256 shares in the last quarter. Kestra Private Wealth Services LLC bought a new position in shares of Innovative Industrial Properties during the 4th quarter worth about $607,000. Finally, Van ECK Associates Corp boosted its position in shares of Innovative Industrial Properties by 19.7% during the 4th quarter. Van ECK Associates Corp now owns 3,914 shares of the company’s stock valued at $395,000 after acquiring an additional 643 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on the stock. TheStreet upgraded shares of Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research note on Wednesday, January 10th. Piper Sandler lifted 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 analysts have rated the stock with a hold rating, According to MarketBeat, Innovative Industrial Properties has a consensus rating of “Hold” and an average price target of $92.67.

Innovative Industrial Properties Trading Up 1.1 %

NYSE:IIPR traded up $1.19 during trading hours on Friday, hitting $109.48. The stock had a trading volume of 286,937 shares, compared to its average volume of 228,108. The business’s 50 day moving average is $99.17 and its 200-day moving average is $91.83. The company has a market cap of $3.09 billion, a price-to-earnings ratio of 18.97 and a beta of 1.48. Innovative Industrial Properties, Inc. has a one year low of $65.16 and a one year high of $111.71. The company has a debt-to-equity ratio of 0.16, a quick ratio of 14.22 and a current ratio of 14.22.

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

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 6.65%. The ex-dividend date of this dividend was Wednesday, March 27th. Innovative Industrial Properties’s payout ratio is currently 126.17%.

Innovative Industrial Properties 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.