Intech Investment Management LLC Boosts Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Intech Investment Management LLC raised its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 141.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 24,730 shares of the company’s stock after buying an additional 14,480 shares during the quarter. Intech Investment Management LLC owned about 0.09% of Innovative Industrial Properties worth $1,648,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in IIPR. Victory Capital Management Inc. grew its holdings in Innovative Industrial Properties by 23.4% during the 3rd quarter. Victory Capital Management Inc. now owns 36,784 shares of the company’s stock valued at $4,951,000 after buying an additional 6,977 shares in the last quarter. KBC Group NV grew its holdings in shares of Innovative Industrial Properties by 28.2% during the third quarter. KBC Group NV now owns 940 shares of the company’s stock worth $127,000 after purchasing an additional 207 shares in the last quarter. Thrivent Financial for Lutherans grew its holdings in shares of Innovative Industrial Properties by 1.1% during the third quarter. Thrivent Financial for Lutherans now owns 48,539 shares of the company’s stock worth $6,533,000 after purchasing an additional 505 shares in the last quarter. Quest Partners LLC purchased a new position in shares of Innovative Industrial Properties during the third quarter worth about $95,000. Finally, Advisors Asset Management Inc. grew its holdings in shares of Innovative Industrial Properties by 178.0% during the third quarter. Advisors Asset Management Inc. now owns 1,248 shares of the company’s stock worth $168,000 after purchasing an additional 799 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Up 0.1 %

Shares of IIPR opened at $63.44 on Friday. The firm has a market cap of $1.80 billion, a P/E ratio of 11.47 and a beta of 1.49. The stock has a 50 day simple moving average of $70.42 and a two-hundred day simple moving average of $97.45. 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.

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

Innovative Industrial Properties Announces Dividend

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

Analyst Ratings Changes

Several research analysts have recently commented on the company. Compass Point cut their price objective on Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating for the company in a report on Tuesday. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Roth Mkm cut their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, February 21st. Alliance Global Partners lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Finally, Piper Sandler cut their target price on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a research note on Monday, March 17th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $88.00.

Insider Activity

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

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.