Citigroup Inc. Has $5.71 Million Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Citigroup Inc. grew its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 37.0% during the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 42,417 shares of the company's stock after buying an additional 11,457 shares during the quarter. Citigroup Inc. owned approximately 0.15% of Innovative Industrial Properties worth $5,709,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. raised its stake in shares of Innovative Industrial Properties by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company's stock valued at $61,563,000 after acquiring an additional 10,711 shares during the last quarter. Bank of New York Mellon Corp raised its position in Innovative Industrial Properties by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company's stock worth $36,774,000 after purchasing an additional 10,615 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Innovative Industrial Properties by 16.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company's stock worth $35,862,000 after buying an additional 45,779 shares during the period. LSV Asset Management grew its position in shares of Innovative Industrial Properties by 21.0% in the 2nd quarter. LSV Asset Management now owns 122,646 shares of the company's stock valued at $13,395,000 after buying an additional 21,273 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its stake in shares of Innovative Industrial Properties by 0.6% in the second quarter. Oppenheimer & Co. Inc. now owns 75,696 shares of the company's stock valued at $8,268,000 after buying an additional 446 shares during the period. Institutional investors and hedge funds own 70.58% of the company's stock.

Innovative Industrial Properties Trading Up 1.4 %

Shares of Innovative Industrial Properties stock traded up $1.48 on Monday, reaching $110.50. 207,310 shares of the company's stock were exchanged, compared to its average volume of 203,677. The company has a market capitalization of $3.13 billion, a P/E ratio of 19.66 and a beta of 1.37. Innovative Industrial Properties, Inc. has a 52 week low of $83.42 and a 52 week high of $138.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The firm's 50-day moving average is $122.94 and its two-hundred day moving average is $118.71.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same period in the prior year, the company earned $2.29 earnings per share. The firm's revenue was down 1.7% compared to the same quarter last year. Sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 6.88%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 135.23%.

Analyst Upgrades and Downgrades

IIPR has been the topic of a number of recent analyst reports. Compass Point raised Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 price objective on the stock in a research note on Friday, November 8th. Wolfe Research raised shares of Innovative Industrial Properties to a "hold" rating in a research note on Monday, September 23rd. Roth Capital upgraded shares of Innovative Industrial Properties to a "strong-buy" rating in a research report on Monday, November 11th. Finally, Piper Sandler dropped their target price on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating on the stock in a report on Friday, November 8th. Two analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $127.67.

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.