Wellington Management Group LLP Raises Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Wellington Management Group LLP lifted its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 48.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 568,280 shares of the company’s stock after purchasing an additional 185,855 shares during the quarter. Wellington Management Group LLP owned 2.01% of Innovative Industrial Properties worth $76,490,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. USA Financial Formulas purchased a new stake in Innovative Industrial Properties in the third quarter worth approximately $25,000. Canton Hathaway LLC purchased a new stake in Innovative Industrial Properties in the third quarter worth approximately $55,000. Loomis Sayles & Co. L P boosted its stake in Innovative Industrial Properties by 3,130.8% in the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after buying an additional 407 shares in the last quarter. US Bancorp DE boosted its stake in Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after buying an additional 189 shares in the last quarter. Finally, Blue Trust Inc. boosted its stake in Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after buying an additional 438 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $106.43 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. Innovative Industrial Properties, Inc. has a fifty-two week low of $87.06 and a fifty-two week high of $138.35. The stock has a 50 day moving average price of $119.64 and a two-hundred day moving average price of $118.53. The company has a market capitalization of $3.02 billion, a P/E ratio of 18.94 and a beta of 1.31.

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

Innovative Industrial Properties Announces Dividend

The firm also recently announced 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 of this dividend was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.14%. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

Analyst Ratings Changes

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

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.