Curi Wealth Management LLC Acquires New Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Curi Wealth Management LLC acquired a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 200 shares of the company’s stock, valued at approximately $41,000.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC boosted its stake in Innovative Industrial Properties by 1.3% during the 4th quarter. Janney Montgomery Scott LLC now owns 8,305 shares of the company’s stock valued at $2,184,000 after purchasing an additional 103 shares during the last quarter. Allspring Global Investments Holdings LLC purchased a new stake in Innovative Industrial Properties during the 4th quarter valued at $2,850,000. CWM LLC purchased a new stake in Innovative Industrial Properties during the 4th quarter valued at $142,000. Centaurus Financial Inc. purchased a new stake in Innovative Industrial Properties during the 4th quarter valued at $106,000. Finally, Nomura Asset Management Co. Ltd. boosted its stake in Innovative Industrial Properties by 2.8% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 19,730 shares of the company’s stock valued at $5,187,000 after purchasing an additional 530 shares during the last quarter. Institutional investors own 66.91% of the company’s stock.

Innovative Industrial Properties Stock Down 4.1 %

Shares of NYSE:IIPR opened at $94.41 on Friday. Innovative Industrial Properties, Inc. has a 1 year low of $88.38 and a 1 year high of $288.02. The business has a 50 day simple moving average of $110.95 and a two-hundred day simple moving average of $152.75. The firm has a market capitalization of $2.64 billion, a PE ratio of 18.58 and a beta of 1.63. The company has a debt-to-equity ratio of 0.15, a current ratio of 55.21 and a quick ratio of 28.15.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last released its earnings results on Wednesday, May 4th. The company reported $1.32 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.91 by ($0.59). Innovative Industrial Properties had a net margin of 54.07% and a return on equity of 8.01%. The firm had revenue of $64.50 million during the quarter, compared to analyst estimates of $63.19 million. During the same period in the previous year, the company earned $1.47 earnings per share. Innovative Industrial Properties’s revenue was up 50.4% on a year-over-year basis. On average, equities analysts predict that Innovative Industrial Properties, Inc. will post 7.6 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, July 15th. Stockholders of record on Thursday, June 30th were issued a dividend of $1.75 per share. The ex-dividend date of this dividend was Wednesday, June 29th. This represents a $7.00 dividend on an annualized basis and a dividend yield of 7.41%. Innovative Industrial Properties’s dividend payout ratio is currently 137.80%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Craig Hallum dropped their price target on Innovative Industrial Properties from $175.00 to $125.00 in a research note on Monday, July 18th. Piper Sandler dropped their price target on Innovative Industrial Properties to $160.00 in a research note on Monday, July 4th. Wolfe Research downgraded Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 19th. TheStreet downgraded Innovative Industrial Properties from a “b-” rating to a “c+” rating in a research note on Monday, July 25th. Finally, BTIG Research dropped their price target on Innovative Industrial Properties from $290.00 to $248.00 and set a “buy” rating on the stock in a research note on Friday, July 15th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $185.60.

Innovative Industrial Properties Profile

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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 medical-use 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.

Further Reading

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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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