Vanguard Group Inc. Boosts Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Vanguard Group Inc. raised its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,423,736 shares of the company’s stock after purchasing an additional 64,908 shares during the period. Vanguard Group Inc. owned about 15.62% of Innovative Industrial Properties worth $294,798,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Pacer Advisors Inc. purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at $42,006,000. Wellington Management Group LLP increased its stake in shares of Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after acquiring an additional 185,855 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Innovative Industrial Properties by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock worth $30,958,000 after acquiring an additional 7,179 shares during the period. Bank of New York Mellon Corp boosted its position in shares of Innovative Industrial Properties by 25.8% in the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock worth $25,233,000 after acquiring an additional 77,552 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its holdings 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 period. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Trading Up 2.0 %

Shares of IIPR opened at $53.47 on Friday. Innovative Industrial Properties, Inc. has a one year low of $49.51 and a one year high of $138.35. The stock has a 50-day moving average price of $68.91 and a 200 day moving average price of $92.93. 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 company has a market capitalization of $1.51 billion, a P/E ratio of 9.67 and a beta of 1.59.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting the consensus estimate of $2.22. The company had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. Sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 14.21%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties’s payout ratio is currently 137.43%.

Insider Transactions at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.50% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have weighed in on IIPR shares. Roth Mkm decreased their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Finally, Compass Point restated a “sell” rating and issued a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Two analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $85.00.

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.