KLP Kapitalforvaltning AS Invests $573,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

KLP Kapitalforvaltning AS acquired a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 4th quarter, according to the company in its most recent filing with the SEC. The fund acquired 8,400 shares of the company’s stock, valued at approximately $573,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Bogart Wealth LLC purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter worth about $27,000. Compass Financial Services Inc acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $32,000. Smartleaf Asset Management LLC raised its holdings in Innovative Industrial Properties by 182.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock valued at $43,000 after buying an additional 417 shares during the period. Sierra Ocean LLC purchased a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $77,000. Finally, Principal Securities Inc. grew its position in Innovative Industrial Properties by 31.1% in the 4th quarter. Principal Securities Inc. now owns 1,192 shares of the company’s stock valued at $79,000 after acquiring an additional 283 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

Innovative Industrial Properties stock opened at $56.67 on Thursday. The stock has a market cap of $1.61 billion, a P/E ratio of 10.25 and a beta of 1.49. The stock has a 50 day moving average of $69.50 and a 200-day moving average of $93.77. 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 $49.51 and a 52 week high of $138.35.

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

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 13.41%. Innovative Industrial Properties’s payout ratio is 137.43%.

Insider Activity

In related news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction on 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 directly owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 1.50% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently commented on the company. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Roth Mkm dropped 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 research note on Friday, February 21st. Industrial Alliance Securities set a $60.00 price objective on Innovative Industrial Properties in a research note on Tuesday, March 18th. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, Piper Sandler decreased their price objective on Innovative Industrial Properties from $60.00 to $55.00 and set an “underweight” rating on the stock in a report on Monday. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Hold” and an average 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.