Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp lifted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 25.8% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 378,644 shares of the company’s stock after buying an additional 77,552 shares during the quarter. Bank of New York Mellon Corp owned approximately 1.34% of Innovative Industrial Properties worth $25,233,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Y Intercept Hong Kong Ltd bought a new stake in Innovative Industrial Properties in the fourth quarter valued at about $3,033,000. Hussman Strategic Advisors Inc. acquired a new position in shares of Innovative Industrial Properties in the 4th quarter worth approximately $700,000. Truist Financial Corp increased its holdings in shares of Innovative Industrial Properties by 9.0% in the 4th quarter. Truist Financial Corp now owns 11,649 shares of the company’s stock valued at $776,000 after acquiring an additional 964 shares during the last quarter. Principal Financial Group Inc. raised its position in shares of Innovative Industrial Properties by 4.0% during the 4th quarter. Principal Financial Group Inc. now owns 151,394 shares of the company’s stock valued at $10,089,000 after acquiring an additional 5,881 shares in the last quarter. Finally, State of New Jersey Common Pension Fund D lifted its stake in Innovative Industrial Properties by 25.8% during the fourth quarter. State of New Jersey Common Pension Fund D now owns 19,766 shares of the company’s stock worth $1,317,000 after purchasing an additional 4,059 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Insider Buying and Selling

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 1.50% of the company’s stock.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $73.23 on Monday. The company has a 50-day moving average price of $70.25 and a two-hundred day moving average price of $101.07. The stock has a market cap of $2.07 billion, a price-to-earnings ratio of 13.24 and a beta of 1.49. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a 52 week low of $62.45 and a 52 week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting the consensus estimate of $2.22. The firm had revenue of $76.74 million for 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%. Analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.38%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is currently 137.43%.

Wall Street Analyst Weigh In

Several analysts have weighed in on IIPR shares. Alliance Global Partners lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $125.00 to $78.00 in a research report on Friday, December 20th. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Roth Mkm decreased their target price on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Finally, BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average price target 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.