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

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

Other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. bought a new position in Innovative Industrial Properties during the 4th quarter valued at about $42,006,000. Wellington Management Group LLP lifted its position in Innovative Industrial Properties by 48.6% during the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after purchasing an additional 185,855 shares during the period. Cambiar Investors LLC boosted 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 during the last quarter. Bank of New York Mellon Corp grew its position in Innovative Industrial Properties by 25.8% in the 4th 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 during the period. Finally, Empirical Asset Management LLC purchased a new stake in Innovative Industrial Properties during the 4th quarter valued at $4,794,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In related news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction 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 completion of the transaction, the director now owns 1,346 shares in the company, valued at approximately $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 can be accessed through this hyperlink. 1.50% of the stock is currently owned by company insiders.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $64.76 on Wednesday. The company has a market capitalization of $1.83 billion, a P/E ratio of 11.71 and a beta of 1.49. Innovative Industrial Properties, Inc. has a 1-year low of $61.72 and a 1-year high of $138.35. The firm’s 50 day simple moving average is $70.41 and its two-hundred day simple moving average is $96.32. 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 (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.22. The company had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. Research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm 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 $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.74%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is 137.43%.

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.