Wellington Management Group LLP Purchases 185,855 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Wellington Management Group LLP boosted its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 48.6% in the third quarter, according to the company in its most recent disclosure 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’s holdings in Innovative Industrial Properties were worth $76,490,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. CWA Asset Management Group LLC bought a new position in Innovative Industrial Properties in the third quarter worth $713,000. Versor Investments LP grew its stake in shares of Innovative Industrial Properties by 98.3% in the third quarter. Versor Investments LP now owns 12,227 shares of the company’s stock worth $1,646,000 after acquiring an additional 6,062 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Innovative Industrial Properties by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after acquiring an additional 10,711 shares during the last quarter. Kestra Investment Management LLC purchased a new stake in shares of Innovative Industrial Properties in the third quarter worth $2,332,000. Finally, Citigroup Inc. grew its stake in shares of Innovative Industrial Properties by 37.0% in the third quarter. Citigroup Inc. now owns 42,417 shares of the company’s stock worth $5,709,000 after acquiring an additional 11,457 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 0.9 %

Innovative Industrial Properties stock opened at $106.43 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. Innovative Industrial Properties, Inc. has a one year low of $87.06 and a one year high of $138.35. The stock has a market capitalization of $3.02 billion, a PE ratio of 18.94 and a beta of 1.31. The business’s fifty day moving average is $119.64 and its 200 day moving average is $118.53.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. During the same period last year, the business earned $2.29 earnings per share. The company’s quarterly revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 7.14%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research note on Friday, November 8th. Finally, Piper Sandler cut their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Moderate Buy” and an average price target of $127.67.

About Innovative Industrial Properties

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.