Cynosure Group LLC Has $789,000 Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Cynosure Group LLC raised its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 345.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 11,833 shares of the company's stock after purchasing an additional 9,174 shares during the quarter. Cynosure Group LLC's holdings in Innovative Industrial Properties were worth $789,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in IIPR. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Innovative Industrial Properties by 1,054.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company's stock valued at $8,354,000 after buying an additional 56,689 shares during the last quarter. Captrust Financial Advisors raised its holdings in Innovative Industrial Properties by 11.6% during the 3rd quarter. Captrust Financial Advisors now owns 2,050 shares of the company's stock valued at $276,000 after buying an additional 213 shares during the period. IHT Wealth Management LLC raised its position in Innovative Industrial Properties by 87.0% in the 3rd quarter. IHT Wealth Management LLC now owns 6,772 shares of the company's stock worth $905,000 after purchasing an additional 3,150 shares during the period. Systematic Financial Management LP purchased a new stake in Innovative Industrial Properties in the third quarter worth $263,000. Finally, Stansberry Asset Management LLC increased its stake in Innovative Industrial Properties by 8.5% in the 3rd quarter. Stansberry Asset Management LLC now owns 39,684 shares of the company's stock worth $5,341,000 after buying an additional 3,108 shares during the period. Institutional investors own 70.58% of the company's stock.

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Insider Activity

In other news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction dated 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 approximately $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have issued reports on the company. JMP Securities reaffirmed a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Industrial Alliance Securities reissued a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Piper Sandler reduced their target price on shares of Innovative Industrial Properties from $60.00 to $55.00 and set an "underweight" rating for the company in a research report on Monday, March 31st. Roth Mkm decreased their price target on 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. Finally, 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. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $85.00.

Innovative Industrial Properties Stock Down 4.1 %

IIPR stock traded down $2.20 during midday trading on Monday, hitting $51.24. 310,335 shares of the company's stock were exchanged, compared to its average volume of 362,448. Innovative Industrial Properties, Inc. has a 12-month low of $49.51 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 capitalization of $1.45 billion, a price-to-earnings ratio of 9.26 and a beta of 1.59. The firm has a 50 day moving average price of $68.91 and a 200-day moving average price of $92.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.22. The company 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 anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 14.83%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties's payout ratio is 137.43%.

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.