Canton Hathaway LLC Buys New Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Canton Hathaway LLC purchased a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 3rd quarter, according to its most recent disclosure with the SEC. The fund purchased 410 shares of the company’s stock, valued at approximately $55,000.

A number of other large investors also recently modified their holdings of the business. Focused Wealth Management Inc increased its position in Innovative Industrial Properties by 2.4% during the second quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock worth $432,000 after acquiring an additional 93 shares during the period. Bristlecone Advisors LLC raised its position in shares of Innovative Industrial Properties by 0.8% during the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock valued at $1,696,000 after buying an additional 103 shares during the last quarter. Cape Investment Advisory Inc. lifted its stake in shares of Innovative Industrial Properties by 11.6% in the first quarter. Cape Investment Advisory Inc. now owns 1,098 shares of the company’s stock valued at $114,000 after buying an additional 114 shares during the period. Baader Bank Aktiengesellschaft lifted its stake in shares of Innovative Industrial Properties by 2.1% in the second quarter. Baader Bank Aktiengesellschaft now owns 5,616 shares of the company’s stock valued at $611,000 after buying an additional 116 shares during the period. Finally, Hancock Whitney Corp increased its stake in Innovative Industrial Properties by 2.4% during the first quarter. Hancock Whitney Corp now owns 5,227 shares of the company’s stock valued at $541,000 after acquiring an additional 124 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Trading Up 0.5 %

Shares of IIPR opened at $107.66 on Monday. 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 stock has a market cap of $3.05 billion, a PE ratio of 19.06 and a beta of 1.37. Innovative Industrial Properties, Inc. has a 1 year low of $78.10 and a 1 year high of $138.35. The stock has a 50 day simple moving average of $125.93 and a 200-day simple moving average of $118.65.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. During the same quarter in the prior year, the company earned $2.29 earnings per share. The business’s revenue was down 1.7% compared to the same quarter last year. On average, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 7.06%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

Wall Street Analysts Forecast Growth

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