Raymond James Financial Inc. Invests $567,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Raymond James Financial Inc. bought a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 8,514 shares of the company's stock, valued at approximately $567,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Bogart Wealth LLC purchased a new position in shares of Innovative Industrial Properties during the 4th quarter worth $27,000. Compass Financial Services Inc purchased a new position in Innovative Industrial Properties during the fourth quarter worth about $32,000. Smartleaf Asset Management LLC boosted its stake in Innovative Industrial Properties by 182.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock worth $43,000 after buying an additional 417 shares during the last quarter. Sierra Ocean LLC purchased a new stake in Innovative Industrial Properties in the 4th quarter valued at about $77,000. Finally, Principal Securities Inc. increased its stake in shares of Innovative Industrial Properties by 31.1% during 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 during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Up 1.0 %

NYSE:IIPR traded up $0.49 during mid-day trading on Friday, hitting $49.19. The company had a trading volume of 289,772 shares, compared to its average volume of 268,798. The business has a fifty day simple moving average of $65.99 and a 200-day simple moving average of $88.78. The firm has a market capitalization of $1.39 billion, a price-to-earnings ratio of 8.90 and a beta of 1.59. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year 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.

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

Innovative Industrial Properties Dividend Announcement

The company also recently announced 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 15.45%. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 137.43%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on IIPR shares. Compass Point reissued a "sell" rating and issued a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Industrial Alliance Securities reiterated a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Alliance Global Partners downgraded Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a report on Monday, December 23rd. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, Roth Mkm lowered 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. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $85.00.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, March 3rd. The stock was 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 $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.50% of the company's stock.

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.