Jones Financial Companies Lllp Buys 1,143 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Jones Financial Companies Lllp raised its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 28.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 5,127 shares of the company’s stock after purchasing an additional 1,143 shares during the quarter. Jones Financial Companies Lllp’s holdings in Innovative Industrial Properties were worth $342,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the business. JPMorgan Chase & Co. grew its stake in Innovative Industrial Properties by 17.5% in the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock valued at $31,928,000 after purchasing an additional 35,269 shares during the last quarter. Barclays PLC lifted its holdings in shares of Innovative Industrial Properties by 187.5% during the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after purchasing an additional 31,295 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Innovative Industrial Properties by 31.9% during the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock worth $7,133,000 after purchasing an additional 12,791 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Innovative Industrial Properties by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after purchasing an additional 10,711 shares during the period. Finally, TCW Group Inc. acquired a new position in Innovative Industrial Properties in the third quarter valued at approximately $2,572,000. 70.58% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following 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 position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.50% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

IIPR has been the subject of a number of analyst reports. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $118.00 to $70.00 in a research report on Friday, December 20th. Roth Mkm dropped their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, February 21st. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Finally, Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their target price for the company from $125.00 to $78.00 in a report on Friday, December 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $102.00.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock opened at $72.04 on Wednesday. Innovative Industrial Properties, Inc. has a 52 week low of $62.45 and a 52 week high of $138.35. The business’s fifty day simple moving average is $70.33 and its 200-day simple moving average is $100.72. The firm has a market cap of $2.04 billion, a PE ratio of 13.03 and a beta of 1.49. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting 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 firm had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 10.55%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is currently 137.43%.

Innovative Industrial Properties Company 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.