Brown Brothers Harriman & Co. Makes New Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Brown Brothers Harriman & Co. purchased a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 1,929 shares of the company’s stock, valued at approximately $260,000.

A number of other large investors have also made changes to their positions in IIPR. USA Financial Formulas acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at $25,000. Loomis Sayles & Co. L P boosted its stake in shares of Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after acquiring an additional 407 shares in the last quarter. US Bancorp DE lifted its stake in Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after buying an additional 189 shares in the last quarter. Blue Trust Inc. lifted its stake in Innovative Industrial Properties by 2,085.7% in the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after buying an additional 438 shares in the last quarter. Finally, Signaturefd LLC lifted its stake in Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after buying an additional 150 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Down 0.1 %

IIPR stock opened at $109.07 on Thursday. Innovative Industrial Properties, Inc. has a 52 week low of $78.10 and a 52 week high of $138.35. The company has a market cap of $3.09 billion, a P/E ratio of 19.46 and a beta of 1.37. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average price is $125.02 and its 200 day moving average price is $118.74.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same period in the prior year, the firm earned $2.29 EPS. The business’s quarterly revenue was down 1.7% on a year-over-year basis. On average, research analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $1.90 dividend. The ex-dividend date was Monday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 6.97%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Wall Street Analysts Forecast Growth

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