Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Purchased by US Bancorp DE

US Bancorp DE lifted its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 12,793.9% in the fourth quarter, HoldingsChannel reports. The firm owned 56,733 shares of the company’s stock after buying an additional 56,293 shares during the quarter. US Bancorp DE’s holdings in Innovative Industrial Properties were worth $3,781,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in IIPR. Pacer Advisors Inc. acquired a new position in Innovative Industrial Properties during the 4th quarter worth approximately $42,006,000. Wellington Management Group LLP grew its holdings in Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after acquiring an additional 185,855 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Innovative Industrial Properties by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after acquiring an additional 10,711 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in Innovative Industrial Properties by 25.8% during the 4th 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 in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Innovative Industrial Properties by 17.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after acquiring an additional 35,269 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have commented on IIPR. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Piper Sandler cut shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $118.00 to $70.00 in a report on Friday, December 20th. Finally, JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. One research analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Innovative Industrial Properties currently has an average rating of “Hold” and an average price target of $102.00.

Innovative Industrial Properties Trading Up 2.1 %

Shares of Innovative Industrial Properties stock opened at $72.51 on Thursday. The company has a fifty day simple moving average of $70.06 and a 200-day simple moving average of $102.07. Innovative Industrial Properties, Inc. has a 12-month low of $62.45 and a 12-month high of $138.35. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The stock has a market cap of $2.05 billion, a price-to-earnings ratio of 13.11 and a beta of 1.49.

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

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors 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 annualized dividend and a yield of 10.48%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 137.43%.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the company’s 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 completion of 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 sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is owned by insiders.

Innovative Industrial Properties 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.