Bayforest Capital Ltd Makes New Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Bayforest Capital Ltd acquired a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the first quarter, HoldingsChannel.com reports. The fund acquired 9,064 shares of the company’s stock, valued at approximately $490,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of IIPR. Vanguard Group Inc. raised its stake in Innovative Industrial Properties by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock valued at $294,798,000 after buying an additional 64,908 shares in the last quarter. Northern Trust Corp raised its stake in Innovative Industrial Properties by 20.6% during the fourth quarter. Northern Trust Corp now owns 435,879 shares of the company’s stock valued at $29,047,000 after buying an additional 74,342 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Innovative Industrial Properties by 2.2% during the fourth quarter. Dimensional Fund Advisors LP now owns 342,123 shares of the company’s stock valued at $22,799,000 after buying an additional 7,272 shares in the last quarter. Norges Bank acquired a new stake in Innovative Industrial Properties during the fourth quarter valued at approximately $22,635,000. Finally, Invesco Ltd. raised its stake in Innovative Industrial Properties by 16.2% during the fourth quarter. Invesco Ltd. now owns 278,053 shares of the company’s stock valued at $18,529,000 after buying an additional 38,832 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on IIPR. Wolfe Research cut Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, July 2nd. Piper Sandler cut their price objective on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Innovative Industrial Properties has an average rating of “Hold” and a consensus target price of $78.67.

Innovative Industrial Properties Stock Down 1.9%

NYSE:IIPR opened at $52.25 on Thursday. The firm has a market capitalization of $1.46 billion, a PE ratio of 10.05 and a beta of 1.69. The stock has a 50 day moving average of $55.73 and a 200-day moving average of $60.46. Innovative Industrial Properties, Inc. has a 52 week low of $45.44 and a 52 week high of $138.35. The company has a current ratio of 10.73, a quick ratio of 10.73 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 50.30% and a return on equity of 8.01%. The company had revenue of $71.72 million for the quarter, compared to the consensus estimate of $72.20 million. During the same period last year, the company posted $2.21 earnings per share. The firm’s revenue for the quarter was down 5.7% compared to the same quarter last year. Analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 14.55%. The ex-dividend date was Monday, June 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 146.15%.

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.