Intech Investment Management LLC Acquires 14,480 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Intech Investment Management LLC lifted its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 141.3% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 24,730 shares of the company’s stock after acquiring an additional 14,480 shares during the quarter. Intech Investment Management LLC’s holdings in Innovative Industrial Properties were worth $1,648,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IIPR. Pacer Advisors Inc. bought a new position in Innovative Industrial Properties in the fourth quarter worth $42,006,000. Wellington Management Group LLP raised its holdings in Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after purchasing an additional 185,855 shares in the last quarter. Cambiar Investors LLC raised its holdings in Innovative Industrial Properties by 370.0% in the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock worth $7,216,000 after purchasing an additional 85,244 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Innovative Industrial Properties by 25.8% in the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock worth $25,233,000 after purchasing an additional 77,552 shares in the last quarter. Finally, Empirical Asset Management LLC bought a new position in Innovative Industrial Properties in the fourth quarter worth $4,794,000. Institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on IIPR shares. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Piper Sandler reduced their price target on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a report on Monday, March 17th. Compass Point reduced their price target on Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating for the company in a report on Tuesday. Finally, BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $88.00.

Innovative Industrial Properties Trading Up 0.1 %

Innovative Industrial Properties stock opened at $63.44 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. Innovative Industrial Properties, Inc. has a one year low of $61.72 and a one year high of $138.35. The stock has a market capitalization of $1.80 billion, a PE ratio of 11.47 and a beta of 1.49. The business’s fifty day moving average is $70.42 and its 200 day moving average is $97.45.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting the consensus estimate of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. On average, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 11.98%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.50% of the stock is currently owned by insiders.

Innovative Industrial Properties Profile

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.