Cordasco Financial Network Increases Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Cordasco Financial Network increased its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) by 100.0% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 400 shares of the company’s stock after buying an additional 200 shares during the quarter. Cordasco Financial Network’s holdings in Innovative Industrial Properties were worth $44,000 as of its most recent SEC filing.

Other large investors have also recently made changes to their positions in the company. Covestor Ltd purchased a new stake in Innovative Industrial Properties in the fourth quarter valued at $25,000. Tcwp LLC purchased a new stake in shares of Innovative Industrial Properties during the 1st quarter worth about $26,000. Joseph P. Lucia & Associates LLC purchased a new stake in shares of Innovative Industrial Properties during the 1st quarter worth about $31,000. Cornerstone Advisory LLC acquired a new position in shares of Innovative Industrial Properties during the 4th quarter worth about $35,000. Finally, Curi Wealth Management LLC acquired a new position in shares of Innovative Industrial Properties during the 1st quarter worth about $41,000. 76.07% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Down 2.8 %

Shares of NYSE IIPR traded down $2.71 during midday trading on Thursday, reaching $94.20. 533,761 shares of the stock were exchanged, compared to its average volume of 304,910. The company has a 50 day simple moving average of $95.23 and a 200 day simple moving average of $131.24. The stock has a market capitalization of $2.64 billion, a P/E ratio of 19.08 and a beta of 1.63. The company has a debt-to-equity ratio of 0.15, a quick ratio of 55.21 and a current ratio of 55.21. Innovative Industrial Properties, Inc. has a twelve month low of $87.47 and a twelve month high of $288.02.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $1.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.86 by ($0.44). The firm had revenue of $70.51 million for the quarter, compared to analyst estimates of $68.50 million. Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 54.07%. As a group, equities analysts expect that Innovative Industrial Properties, Inc. will post 7.82 earnings per share for the current year.

Innovative Industrial Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a dividend of $1.80 per share. The ex-dividend date is Thursday, September 29th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 7.64%. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.75. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.80%.

Insider Buying and Selling

In related news, Chairman Alan D. Gold acquired 1,000 shares of the stock in a transaction that occurred on Wednesday, August 10th. The stock was purchased at an average price of $94.22 per share, with a total value of $94,220.00. Following the transaction, the chairman now owns 212,308 shares of the company’s stock, valued at approximately $20,003,659.76. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

IIPR has been the subject of several research analyst reports. TheStreet downgraded shares of Innovative Industrial Properties from a “b-” rating to a “c+” rating in a research report on Monday, July 25th. Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and upped their price target for the stock from $100.00 to $175.00 in a research report on Monday. JMP Securities reduced their price target on shares of Innovative Industrial Properties from $190.00 to $150.00 and set a “market outperform” rating for the company in a research report on Tuesday, July 19th. Wolfe Research downgraded shares of Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 19th. Finally, Craig Hallum cut their price objective on shares of Innovative Industrial Properties from $175.00 to $125.00 in a report on Monday, July 18th. Two equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat, Innovative Industrial Properties presently has an average rating of “Moderate Buy” and a consensus price target of $166.60.

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.

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

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