410 Shares in Innovative Industrial Properties, Inc. (NYSE:IIPR) Acquired by Canton Hathaway LLC

Canton Hathaway LLC acquired a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund acquired 410 shares of the company’s stock, valued at approximately $55,000.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in shares of Innovative Industrial Properties by 0.6% in the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock valued at $456,705,000 after buying an additional 28,111 shares during the last quarter. CANADA LIFE ASSURANCE Co raised its stake in shares of Innovative Industrial Properties by 4.4% in the first quarter. CANADA LIFE ASSURANCE Co now owns 57,808 shares of the company’s stock worth $5,982,000 after acquiring an additional 2,452 shares during the last quarter. Quadrature Capital Ltd acquired a new position in shares of Innovative Industrial Properties during the first quarter worth approximately $361,000. BOKF NA grew its stake in shares of Innovative Industrial Properties by 113.9% during the first quarter. BOKF NA now owns 2,013 shares of the company’s stock valued at $203,000 after purchasing an additional 1,072 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in shares of Innovative Industrial Properties by 4.9% in the first quarter. Price T Rowe Associates Inc. MD now owns 21,533 shares of the company’s stock valued at $2,230,000 after purchasing an additional 1,007 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

IIPR has been the topic of several research reports. 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 objective for the company in a report on Friday, November 8th. Piper Sandler cut their target price on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Finally, Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of “Moderate Buy” and an average price target of $127.67.

Innovative Industrial Properties Stock Up 0.5 %

Shares of Innovative Industrial Properties stock opened at $107.66 on Monday. The business has a fifty day simple moving average of $125.93 and a 200 day simple moving average of $118.65. The stock has a market cap of $3.05 billion, a PE ratio of 19.06 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, Inc. has a 12 month low of $78.10 and a 12 month high of $138.35.

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

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.90 dividend. The ex-dividend date was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 7.06%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 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.