Massachusetts Financial Services Co. MA Purchases 1,628 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Massachusetts Financial Services Co. MA lifted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 5.6% in the 3rd quarter, Holdings Channel reports. The fund owned 30,466 shares of the company’s stock after buying an additional 1,628 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Innovative Industrial Properties were worth $4,101,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. USA Financial Formulas purchased a new stake in Innovative Industrial Properties during the 3rd quarter worth about $25,000. Blue Trust Inc. lifted its holdings in Innovative Industrial Properties by 2,085.7% during the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after purchasing an additional 438 shares in the last quarter. Signaturefd LLC lifted its holdings in Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after purchasing an additional 150 shares in the last quarter. Federated Hermes Inc. lifted its holdings in Innovative Industrial Properties by 138.1% during the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after purchasing an additional 312 shares in the last quarter. Finally, US Bancorp DE lifted its holdings in Innovative Industrial Properties by 75.3% during the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after purchasing an additional 189 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently issued reports on IIPR. Piper Sandler dropped their price objective on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a report on Friday, November 8th. Finally, Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $109.36 on Wednesday. The business’s 50-day moving average price is $125.51 and its two-hundred day moving average price is $118.70. Innovative Industrial Properties, Inc. has a twelve month low of $78.10 and a twelve month high of $138.35. The stock has a market cap of $3.10 billion, a P/E ratio of 19.46 and a beta of 1.37. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The firm had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the business posted $2.29 earnings per share. As a group, equities analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $1.90 per share. The ex-dividend date was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.95%. Innovative Industrial Properties’s dividend payout ratio is 135.23%.

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.