Wedge Capital Management L L P NC Has $5.29 Million Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Wedge Capital Management L L P NC raised its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 14.4% in the 4th quarter, HoldingsChannel reports. The fund owned 52,504 shares of the company’s stock after acquiring an additional 6,618 shares during the period. Wedge Capital Management L L P NC’s holdings in Innovative Industrial Properties were worth $5,293,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of IIPR. Charles Schwab Investment Management Inc. grew its holdings in Innovative Industrial Properties by 3.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 363,500 shares of the company’s stock worth $27,502,000 after acquiring an additional 12,026 shares during the period. Northern Trust Corp lifted its stake in Innovative Industrial Properties by 8.6% in the third quarter. Northern Trust Corp now owns 358,166 shares of the company’s stock valued at $27,099,000 after buying an additional 28,403 shares during the period. International Assets Investment Management LLC acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $14,952,000. Schonfeld Strategic Advisors LLC increased its stake in shares of Innovative Industrial Properties by 187.9% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 108,195 shares of the company’s stock valued at $8,186,000 after acquiring an additional 70,612 shares in the last quarter. Finally, American Assets Capital Advisers LLC acquired a new position in shares of Innovative Industrial Properties during the 3rd quarter valued at $7,347,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on IIPR. Piper Sandler upped their price objective on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. TheStreet raised Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research note on Wednesday, January 10th. Four analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $92.67.

Innovative Industrial Properties Price Performance

IIPR stock opened at $98.56 on Wednesday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 14.22 and a current ratio of 14.22. The business has a 50-day simple moving average of $97.19 and a two-hundred day simple moving average of $90.38. The company has a market capitalization of $2.78 billion, a P/E ratio of 17.08 and a beta of 1.49. Innovative Industrial Properties, Inc. has a 52-week low of $63.36 and a 52-week high of $105.81.

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 company had revenue of $79.16 million for the quarter, compared to the consensus estimate of $76.55 million. Research analysts expect that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were given a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 7.39%. The ex-dividend date was Wednesday, March 27th. Innovative Industrial Properties’s payout ratio is 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.