Empirical Asset Management LLC Buys Shares of 71,934 Innovative Industrial Properties, Inc. (NYSE:IIPR)

Empirical Asset Management LLC bought a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 71,934 shares of the company's stock, valued at approximately $4,794,000. Empirical Asset Management LLC owned approximately 0.25% of Innovative Industrial Properties as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. JPMorgan Chase & Co. raised its holdings in shares of Innovative Industrial Properties by 17.5% during the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company's stock valued at $31,928,000 after purchasing an additional 35,269 shares during the period. Barclays PLC raised its stake in Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company's stock worth $6,459,000 after buying an additional 31,295 shares during the period. Geode Capital Management LLC boosted its holdings in Innovative Industrial Properties by 31.9% in the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company's stock worth $7,133,000 after acquiring an additional 12,791 shares in the last quarter. CWA Asset Management Group LLC acquired a new stake in Innovative Industrial Properties in the third quarter valued at approximately $713,000. Finally, Versor Investments LP increased its holdings in shares of Innovative Industrial Properties by 98.3% during the third quarter. Versor Investments LP now owns 12,227 shares of the company's stock valued at $1,646,000 after acquiring an additional 6,062 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on IIPR shares. Roth Capital upgraded Innovative Industrial Properties to a "strong-buy" rating in a report on Monday, November 11th. Piper Sandler downgraded shares of Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and lowered their price objective for the stock from $118.00 to $70.00 in a report on Friday, December 20th. 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. Compass Point lowered shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $125.00 to $78.00 in a report on Friday, December 20th. Finally, Wolfe Research upgraded Innovative Industrial Properties to a "hold" rating in a research note on Monday, September 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average target price of $104.50.

Innovative Industrial Properties Stock Up 1.9 %

Shares of IIPR traded up $1.27 during trading hours on Friday, reaching $68.21. 240,909 shares of the stock traded hands, compared to its average volume of 318,068. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The stock has a fifty day simple moving average of $89.65 and a 200 day simple moving average of $112.20. Innovative Industrial Properties, Inc. has a 52 week low of $62.45 and a 52 week high of $138.35. The company has a market cap of $1.93 billion, a price-to-earnings ratio of 12.14 and a beta of 1.39.

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

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.14%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 135.23%.

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.