Fox Run Management L.L.C. Makes New Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Fox Run Management L.L.C. bought a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,399 shares of the company’s stock, valued at approximately $426,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of IIPR. KLP Kapitalforvaltning AS bought a new position in Innovative Industrial Properties during the fourth quarter valued at $573,000. American Century Companies Inc. lifted its holdings in shares of Innovative Industrial Properties by 1.7% in the 4th quarter. American Century Companies Inc. now owns 16,158 shares of the company’s stock valued at $1,077,000 after acquiring an additional 270 shares during the last quarter. Quantbot Technologies LP grew its position in Innovative Industrial Properties by 7.5% in the fourth quarter. Quantbot Technologies LP now owns 8,636 shares of the company’s stock worth $576,000 after acquiring an additional 604 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in Innovative Industrial Properties by 38.5% during the fourth quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,161 shares of the company’s stock worth $1,010,000 after acquiring an additional 4,212 shares during the last quarter. Finally, Teacher Retirement System of Texas raised its position in Innovative Industrial Properties by 11.9% during the fourth quarter. Teacher Retirement System of Texas now owns 5,731 shares of the company’s stock valued at $382,000 after purchasing an additional 609 shares during the period. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Down 2.3 %

Shares of IIPR opened at $64.76 on Wednesday. The firm has a market capitalization of $1.83 billion, a price-to-earnings ratio of 11.71 and a beta of 1.49. 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 1-year low of $61.72 and a 1-year high of $138.35. The company has a 50-day moving average of $70.41 and a 200 day moving average of $96.32.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The firm had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. On average, research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.74%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties’s payout ratio is 137.43%.

Wall Street Analysts Forecast Growth

IIPR has been the topic of several analyst reports. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Piper Sandler reduced their target price on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a research note on Monday, March 17th. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Compass Point cut their price target on shares of Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating on the stock in a report on Tuesday, March 18th. Finally, Industrial Alliance Securities set a $60.00 target price on Innovative Industrial Properties in a research report on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Hold” and a consensus price target of $88.00.

Insider Activity

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.50% of the company’s stock.

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.