Sunbelt Securities Inc. grew its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) by 76.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 9,993 shares of the company's stock after purchasing an additional 4,317 shares during the period. Sunbelt Securities Inc.'s holdings in Innovative Industrial Properties were worth $884,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Private Advisor Group LLC raised its holdings in shares of Innovative Industrial Properties by 41.5% during the first quarter. Private Advisor Group LLC now owns 2,344 shares of the company's stock worth $481,000 after acquiring an additional 687 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Innovative Industrial Properties by 8.1% during the first quarter. Bank of Montreal Can now owns 9,019 shares of the company's stock worth $1,893,000 after acquiring an additional 676 shares in the last quarter. MetLife Investment Management LLC raised its holdings in shares of Innovative Industrial Properties by 55.5% during the first quarter. MetLife Investment Management LLC now owns 12,587 shares of the company's stock worth $2,585,000 after acquiring an additional 4,492 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Innovative Industrial Properties by 8.2% during the first quarter. Rhumbline Advisers now owns 64,743 shares of the company's stock worth $13,298,000 after acquiring an additional 4,898 shares in the last quarter. Finally, Great West Life Assurance Co. Can raised its holdings in shares of Innovative Industrial Properties by 6.5% during the first quarter. Great West Life Assurance Co. Can now owns 42,089 shares of the company's stock worth $8,914,000 after acquiring an additional 2,556 shares in the last quarter. Hedge funds and other institutional investors own 73.71% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. StockNews.com assumed coverage on Innovative Industrial Properties in a report on Thursday. They set a "hold" rating for the company. BTIG Research lowered their target price on shares of Innovative Industrial Properties from $196.00 to $179.00 and set a "buy" rating on the stock in a research report on Tuesday, January 24th. Piper Sandler lowered their target price on shares of Innovative Industrial Properties from $140.00 to $120.00 and set an "overweight" rating on the stock in a research report on Wednesday, March 1st. Craig Hallum lowered their target price on shares of Innovative Industrial Properties from $140.00 to $125.00 in a research report on Wednesday, March 1st. Finally, JMP Securities downgraded shares of Innovative Industrial Properties from an "outperform" rating to a "market perform" rating in a research report on Friday, January 20th. Three analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $153.17.

Innovative Industrial Properties Trading Up 0.4 %

Shares of NYSE:IIPR opened at $82.96 on Thursday. The company has a market cap of $2.32 billion, a P/E ratio of 15.03 and a beta of 1.60. The stock's 50-day moving average is $91.03 and its 200-day moving average is $98.46. Innovative Industrial Properties, Inc. has a 52-week low of $78.61 and a 52-week high of $211.17. The company has a debt-to-equity ratio of 0.15, a quick ratio of 27.14 and a current ratio of 27.14.

Innovative Industrial Properties (NYSE:IIPR – Get Rating) last issued its quarterly earnings results on Monday, February 27th. The company reported $1.46 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.80 by ($0.34). The business had revenue of $70.46 million during the quarter, compared to analyst estimates of $68.60 million. Innovative Industrial Properties had a net margin of 55.86% and a return on equity of 8.24%. Equities research analysts predict that Innovative Industrial Properties, Inc. will post 7.75 earnings per share for the current year.

Innovative Industrial Properties Company Profile

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Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington.

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