Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Bought by Virtu Financial LLC

Virtu Financial LLC grew its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 4.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,733 shares of the company’s stock after purchasing an additional 230 shares during the quarter. Virtu Financial LLC’s holdings in Innovative Industrial Properties were worth $578,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its holdings in shares of Innovative Industrial Properties by 4.2% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 378,945 shares of the company’s stock valued at $38,205,000 after purchasing an additional 15,445 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Innovative Industrial Properties by 8.6% in the 3rd quarter. Northern Trust Corp now owns 358,166 shares of the company’s stock valued at $27,099,000 after purchasing an additional 28,403 shares in the last quarter. Norges Bank acquired a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at $31,116,000. Dimensional Fund Advisors LP raised its holdings in shares of Innovative Industrial Properties by 57.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 202,637 shares of the company’s stock valued at $20,430,000 after purchasing an additional 74,289 shares in the last quarter. Finally, Principal Financial Group Inc. grew its position in shares of Innovative Industrial Properties by 1.3% in the 4th quarter. Principal Financial Group Inc. now owns 172,647 shares of the company’s stock valued at $17,406,000 after buying an additional 2,138 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Trading Up 0.8 %

NYSE IIPR opened at $107.49 on Tuesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 14.27 and a quick ratio of 14.27. The firm’s fifty day moving average price is $104.94 and its 200 day moving average price is $98.95. The company has a market capitalization of $3.05 billion, a price-to-earnings ratio of 18.86 and a beta of 1.51. Innovative Industrial Properties, Inc. has a 12 month low of $69.08 and a 12 month high of $115.75.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, May 8th. The company reported $1.36 EPS for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.74). Innovative Industrial Properties had a net margin of 53.07% and a return on equity of 8.46%. The company had revenue of $75.45 million during the quarter, compared to analysts’ expectations of $79.65 million. On average, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.5 earnings per share for the current fiscal year.

Innovative Industrial Properties Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be given a dividend of $1.90 per share. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.82. This represents a $7.60 annualized dividend and a yield of 7.07%. The ex-dividend date of this dividend is Friday, June 28th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 127.72%.

Analyst Ratings Changes

Separately, Piper Sandler increased their target price on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th.

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.