Creative Planning Grows Stock Position in Innovative Industrial Properties Inc (NYSE:IIPR)

Creative Planning boosted its stake in Innovative Industrial Properties Inc (NYSE:IIPR) by 97.2% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 17,126 shares of the company’s stock after acquiring an additional 8,443 shares during the quarter. Creative Planning’s holdings in Innovative Industrial Properties were worth $1,582,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. ETF Managers Group LLC purchased a new position in shares of Innovative Industrial Properties during the 2nd quarter valued at approximately $32,784,000. Vanguard Group Inc. boosted its stake in shares of Innovative Industrial Properties by 15.9% during the 2nd quarter. Vanguard Group Inc. now owns 1,172,681 shares of the company’s stock valued at $144,896,000 after buying an additional 160,642 shares during the last quarter. River & Mercantile Asset Management LLP purchased a new position in shares of Innovative Industrial Properties during the 2nd quarter valued at approximately $17,235,000. American Assets Capital Advisers LLC purchased a new position in shares of Innovative Industrial Properties during the 3rd quarter valued at approximately $7,764,000. Finally, Sheaff Brock Investment Advisors LLC purchased a new position in shares of Innovative Industrial Properties during the 2nd quarter valued at approximately $7,086,000. Hedge funds and other institutional investors own 56.17% of the company’s stock.

Innovative Industrial Properties stock opened at $85.22 on Friday. The stock has a market cap of $946.38 million, a P/E ratio of 63.60 and a beta of 2.05. The company has a current ratio of 51.96, a quick ratio of 51.96 and a debt-to-equity ratio of 0.53. The stock has a 50 day moving average of $81.92 and a 200-day moving average of $96.49. Innovative Industrial Properties Inc has a 52 week low of $42.55 and a 52 week high of $139.53.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, November 6th. The company reported $0.55 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.67 by ($0.12). The business had revenue of $11.56 million for the quarter, compared to analysts’ expectations of $10.70 million. Innovative Industrial Properties had a net margin of 47.83% and a return on equity of 5.17%. The business’s quarterly revenue was up 194.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.32 earnings per share. As a group, equities analysts predict that Innovative Industrial Properties Inc will post 2.67 earnings per share for the current fiscal year.

The company also recently declared a 0.60000 dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.78 per share. This represents a dividend yield of 3.4%. The ex-dividend date was Friday, September 27th. Innovative Industrial Properties’s dividend payout ratio is currently 232.84%.

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Several equities analysts have recently commented on IIPR shares. TheStreet cut Innovative Industrial Properties from a “b-” rating to a “c” rating in a research note on Wednesday, August 7th. ValuEngine cut Innovative Industrial Properties from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research upgraded Innovative Industrial Properties from a “hold” rating to a “strong-buy” rating and set a $79.00 target price for the company in a research note on Thursday, October 31st. Two analysts have rated the stock with a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $113.50.

In other news, Chairman Alan D. Gold purchased 300 shares of the company’s stock in a transaction that occurred on Wednesday, September 4th. The shares were acquired at an average cost of $84.23 per share, with a total value of $25,269.00. Following the transaction, the chairman now owns 318,089 shares in the company, valued at approximately $26,792,636.47. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 5.20% of the company’s stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial 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: Momentum Indicators

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

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