Cambridge Investment Research Advisors Inc. lessened its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) by 3.5% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 19,313 shares of the company's stock after selling 691 shares during the quarter. Cambridge Investment Research Advisors Inc. owned 0.07% of Innovative Industrial Properties worth $2,122,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in IIPR. State Street Corp increased its stake in shares of Innovative Industrial Properties by 14.8% during the 1st quarter. State Street Corp now owns 1,468,375 shares of the company's stock worth $304,124,000 after purchasing an additional 189,733 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Innovative Industrial Properties by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 3,989,218 shares of the company's stock worth $819,386,000 after acquiring an additional 179,840 shares during the period. BlackRock Inc. lifted its holdings in shares of Innovative Industrial Properties by 3.6% during the 4th quarter. BlackRock Inc. now owns 4,292,781 shares of the company's stock worth $1,128,614,000 after acquiring an additional 149,188 shares during the period. Waterfront Capital Partners LLC bought a new position in Innovative Industrial Properties during the 1st quarter valued at about $13,682,000. Finally, Wedge Capital Management L L P NC bought a new position in Innovative Industrial Properties during the 2nd quarter valued at about $6,185,000. Institutional investors and hedge funds own 76.07% of the company's stock.
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Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on the stock. Wolfe Research cut shares of Innovative Industrial Properties from an "outperform" rating to a "market perform" rating in a research report on Tuesday, July 19th. Craig Hallum reduced their price objective on shares of Innovative Industrial Properties from $175.00 to $125.00 in a research note on Monday, July 18th. BTIG Research reduced their price objective on shares of Innovative Industrial Properties from $290.00 to $248.00 and set a "buy" rating on the stock in a research note on Friday, July 15th. JMP Securities reduced their price objective on shares of Innovative Industrial Properties from $190.00 to $150.00 and set a "market outperform" rating on the stock in a research note on Tuesday, July 19th. Finally, TheStreet lowered shares of Innovative Industrial Properties from a "b-" rating to a "c+" rating in a research note on Monday, July 25th. Two investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. Based on data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of "Moderate Buy" and a consensus price target of $166.60.
Insider Transactions at Innovative Industrial Properties
In other news, Chairman Alan D. Gold bought 1,000 shares of the stock in a transaction that occurred on Wednesday, August 10th. The shares were acquired at an average cost of $94.22 per share, for a total transaction of $94,220.00. Following the completion of the acquisition, the chairman now owns 212,308 shares in the company, valued at $20,003,659.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through
this link. 1.50% of the stock is currently owned by insiders.
Innovative Industrial Properties Stock Performance
Shares of IIPR opened at $88.09 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 55.21 and a current ratio of 55.21. Innovative Industrial Properties, Inc. has a twelve month low of $87.47 and a twelve month high of $288.02. The firm's 50 day moving average price is $94.62 and its two-hundred day moving average price is $127.32. The firm has a market cap of $2.46 billion, a P/E ratio of 17.34 and a beta of 1.63.
Innovative Industrial Properties (NYSE:IIPR – Get Rating) last announced its quarterly earnings results on Wednesday, August 3rd. The company reported $1.42 earnings per share for the quarter, missing analysts' consensus estimates of $1.86 by ($0.44). The company had revenue of $70.51 million during the quarter, compared to the consensus estimate of $68.50 million. Innovative Industrial Properties had a net margin of 54.07% and a return on equity of 8.01%. On average, analysts forecast that Innovative Industrial Properties, Inc. will post 7.82 EPS for the current fiscal year.
Innovative Industrial Properties Increases Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Stockholders of record on Friday, September 30th will be given a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a dividend yield of 8.17%. The ex-dividend date of this dividend is Thursday, September 29th. This is a positive change from Innovative Industrial Properties's previous quarterly dividend of $1.75. Innovative Industrial Properties's payout ratio is currently 137.80%.
Innovative Industrial Properties Profile
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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 medical-use 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.
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