Truist Financial Corp Purchases 964 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Truist Financial Corp raised its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 9.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 11,649 shares of the company’s stock after purchasing an additional 964 shares during the period. Truist Financial Corp’s holdings in Innovative Industrial Properties were worth $776,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Bogart Wealth LLC bought a new position in Innovative Industrial Properties during the fourth quarter valued at $27,000. Canton Hathaway LLC bought a new position in shares of Innovative Industrial Properties in the third quarter worth $55,000. Loomis Sayles & Co. L P boosted its holdings in shares of Innovative Industrial Properties by 3,130.8% in the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after acquiring an additional 407 shares during the period. US Bancorp DE boosted its holdings in shares of Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after acquiring an additional 189 shares during the period. Finally, Compass Financial Services Inc bought a new position in shares of Innovative Industrial Properties in the fourth quarter worth $32,000. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Stock Performance

Innovative Industrial Properties stock opened at $71.86 on Friday. The stock’s 50 day simple moving average is $70.05 and its two-hundred day simple moving average is $102.94. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The stock has a market cap of $2.04 billion, a price-to-earnings ratio of 12.99 and a beta of 1.40. Innovative Industrial Properties, Inc. has a fifty-two week low of $62.45 and a fifty-two week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The business had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. As a group, analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a $1.90 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.58%. Innovative Industrial Properties’s dividend payout ratio is currently 137.43%.

Wall Street Analyst Weigh In

IIPR has been the topic of a number of recent analyst reports. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their price objective for the stock from $118.00 to $70.00 in a research report on Friday, December 20th. Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. Finally, JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Hold” and an average target price of $102.00.

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.