2,390 Shares in Innovative Industrial Properties, Inc. (NYSE:IIPR) Acquired by SMH Capital Advisors Inc.

SMH Capital Advisors Inc. acquired a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 2,390 shares of the company’s stock, valued at approximately $241,000. Innovative Industrial Properties accounts for 0.5% of SMH Capital Advisors Inc.’s portfolio, making the stock its 29th largest holding.

Several other hedge funds also recently added to or reduced their stakes in the business. GAMMA Investing LLC purchased a new position in shares of Innovative Industrial Properties during the fourth quarter worth $26,000. Benjamin F. Edwards & Company Inc. purchased a new position in shares of Innovative Industrial Properties during the fourth quarter worth $30,000. Headlands Technologies LLC purchased a new position in shares of Innovative Industrial Properties during the third quarter worth $25,000. FNY Investment Advisers LLC purchased a new position in Innovative Industrial Properties in the fourth quarter valued at $40,000. Finally, Independence Bank of Kentucky grew its stake in Innovative Industrial Properties by 82.9% during the 4th quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock worth $65,000 after purchasing an additional 290 shares in the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Down 1.9 %

IIPR traded down $2.12 on Wednesday, reaching $107.32. The company’s stock had a trading volume of 83,309 shares, compared to its average volume of 226,117. The company has a quick ratio of 14.22, a current ratio of 14.22 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a fifty-two week low of $65.16 and a fifty-two week high of $111.71. The stock has a 50 day moving average of $99.81 and a two-hundred day moving average of $92.51. The company has a market capitalization of $3.03 billion, a price-to-earnings ratio of 18.96 and a beta of 1.48.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, February 26th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.62). Innovative Industrial Properties had a net margin of 53.50% and a return on equity of 8.54%. The company had revenue of $79.16 million during the quarter, compared to analysts’ expectations of $76.55 million. As a group, analysts forecast that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $1.82 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $7.28 dividend on an annualized basis and a dividend yield of 6.78%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 126.17%.

Wall Street Analysts Forecast Growth

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

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.