Chesapeake Capital Corp IL Has $517,000 Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

by · The Markets Daily

Chesapeake Capital Corp IL raised its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR – Free Report) by 27.9% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,809 shares of the company’s stock after purchasing an additional 831 shares during the quarter. Chesapeake Capital Corp IL’s holdings in Innovative Industrial Properties were worth $517,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its holdings in Innovative Industrial Properties by 0.6% during the 1st quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock valued at $456,705,000 after purchasing an additional 28,111 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Innovative Industrial Properties by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock valued at $36,774,000 after purchasing an additional 10,615 shares during the last quarter. Dimensional Fund Advisors LP increased its position in Innovative Industrial Properties by 16.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after buying an additional 45,779 shares during the period. Tidal Investments LLC increased its position in Innovative Industrial Properties by 1,465.1% during the 1st quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock worth $24,532,000 after buying an additional 221,791 shares during the period. Finally, LSV Asset Management increased its position in Innovative Industrial Properties by 21.0% during the 2nd quarter. LSV Asset Management now owns 122,646 shares of the company’s stock worth $13,395,000 after buying an additional 21,273 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

IIPR has been the topic of several recent research reports. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Piper Sandler lowered their price objective on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research report on Friday, November 8th. Roth Mkm increased their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a research report on Friday, November 8th. Finally, Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Two 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. According to data from MarketBeat, Innovative Industrial Properties currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.67.

Check Out Our Latest Research Report on IIPR

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock opened at $102.23 on Friday. The stock’s 50 day moving average is $127.93 and its 200 day moving average is $118.66. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The firm has a market cap of $2.90 billion, a P/E ratio of 18.19 and a beta of 1.37. Innovative Industrial Properties, Inc. has a one year low of $77.88 and a one year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR – Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The company had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. Innovative Industrial Properties’s revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.29 earnings per share. As a group, research analysts expect that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a $1.90 dividend. The ex-dividend date was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 7.43%. Innovative Industrial Properties’s payout ratio is currently 135.23%.

Innovative Industrial Properties Profile

(Free Report)

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.

Further Reading

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