QRG Capital Management Inc. Acquires 1,529 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

QRG Capital Management Inc. has increased its investment in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 34.7% during the last quarter of the year. After acquiring an additional 1,529 shares, the firm now holds a total of 5,939 shares in the company. According to the latest filing with the Securities and Exchange Commission (SEC), QRG Capital Management's investment in Innovative Industrial Properties is valued at approximately $396,000.

Several other significant institutional investors have also made changes to their stakes in Innovative Industrial Properties. For instance, Pacer Advisors Inc. acquired a new stake valued at about $42 million in the same quarter. Wellington Management Group LLP increased its holdings by 48.6% in the third quarter, bringing its total to 568,280 shares worth approximately $76.49 million, after a purchase of 185,855 additional shares. Charles Schwab Investment Management Inc. raised its stake by 2.4%, owning 457,374 shares now valued at $61.56 million after acquiring an extra 10,711 shares in the latest quarter. Furthermore, Bank of New York Mellon Corp boosted its position by 25.8% during the fourth quarter, now holding 378,644 shares worth $25.23 million after adding 77,552 shares. Lastly, JPMorgan Chase & Co. increased its holdings by 17.5%, now owning 237,206 shares valued at around $31.93 million following an additional 35,269 shares purchase. Overall, institutional investors and hedge funds collectively own about 70.58% of the company's stock.

Wall Street Analysts Forecast Growth

The stock of Innovative Industrial Properties has attracted attention from various analysts. Recently, Compass Point downgraded the shares from a 'buy' to a 'neutral' rating, and reduced the target price from $125.00 to $78.00 in their report dated December 20. Similarly, Alliance Global Partners downgraded the rating from 'strong-buy' to 'hold' on December 23. Roth MKM also lowered their target price to $130.00, maintaining a 'buy' rating as of February 21. Meanwhile, Roth Capital elevated the stock to a 'strong-buy' in November. JMP Securities reiterated a 'market perform' rating in December. Currently, one analyst rates the stock as a sell, five as hold, one as buy, and one as strong buy. According to MarketBeat.com, Innovative Industrial Properties has an average consensus rating of 'Hold' with a target price of $102.00.

Insiders Place Their Bets

In other related news, director David Stecher recently sold 7,599 shares of Innovative Industrial Properties. This transaction occurred on March 3, with shares sold at an average price of $70.55, resulting in a total transaction value of $536,109.45. After this sale, Stecher now holds only 1,346 shares in the company, valued at about $94,960. The sale indicates a steep reduction of 84.95% in his holdings. This transaction was formally reported to the SEC.

Innovative Industrial Properties Stock Performance

As of Thursday, Innovative Industrial Properties stock opened at $72.51. Over the past year, the stock has seen a low of $62.45 and a high of $138.35. The company has a market capitalization of $2.05 billion. It currently shows a price-to-earnings ratio of 13.11 and a beta of 1.49. The 50-day moving average stands at $70.06, while the two-hundred day moving average is at $102.07. The company's financial health indicators include a quick ratio of 11.53, a current ratio of 14.32, and a debt-to-equity ratio of 0.16.

In its latest quarterly earnings report on February 19, Innovative Industrial Properties announced earnings per share of $2.22, aligning with analysts' expectations. The company reported a return on equity of 8.39% and a net margin of 52.40%. Revenue for the quarter stood at $76.74 million, surpassing analyst predictions of $76.21 million. Analysts project Innovative Industrial Properties will post an EPS of 8.28 for the current year.

Innovative Industrial Properties Dividend Announcement

Recently, Innovative Industrial Properties declared a quarterly dividend, which was disbursed on January 15. Shareholders of record as of December 31 received a dividend of $1.90 per share, equating to an annualized dividend of $7.60 and a yield of 10.48%. The ex-dividend date was also set as December 31. The company’s payout ratio stands at 137.43%, indicating the proportion of earnings paid out as dividends.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc. is a Maryland-based self-managed corporation concentrating on the acquisition, ownership, and management of specialized properties leased to licensed operators in the regulated cannabis sector. The company has opted for taxation as a real estate investment trust (REIT) since the fiscal year ended December 31, 2017.

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