Fox Run Management L.L.C. Acquires Shares of 6,399 Innovative Industrial Properties, Inc. (NYSE:IIPR)

Fox Run Management L.L.C. acquired a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 6,399 shares of the company's stock, valued at approximately $426,000.

Other institutional investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. bought a new position in shares of Innovative Industrial Properties in the 4th quarter valued at $42,006,000. Wellington Management Group LLP lifted its holdings in shares of Innovative Industrial Properties by 48.6% in the third 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 during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Innovative Industrial Properties by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock valued at $30,958,000 after purchasing an additional 7,179 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of 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 valued at $25,233,000 after purchasing an additional 77,552 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position 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 purchasing an additional 35,269 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

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Insider Activity

In related news, Director David Stecher sold 7,599 shares of the business'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 transaction, the director now 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 legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.50% of the stock is owned by company insiders.

Innovative Industrial Properties Trading Down 2.0 %

IIPR stock traded down $1.33 during trading on Friday, hitting $63.77. The company had a trading volume of 358,937 shares, compared to its average volume of 249,812. The stock has a market cap of $1.81 billion, a PE ratio of 11.53 and a beta of 1.49. The business has a 50-day moving average of $70.26 and a 200-day moving average of $95.27. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a one year low of $61.72 and a one year high of $138.35.

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

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed 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. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.92%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties's dividend payout ratio is 137.43%.

Analysts Set New Price Targets

IIPR has been the topic of a number of research reports. Industrial Alliance Securities set a $60.00 target price on shares of Innovative Industrial Properties in a research note on Tuesday, March 18th. Roth Mkm reduced their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a research report on Friday, February 21st. Piper Sandler dropped their target price on Innovative Industrial Properties from $70.00 to $60.00 and set an "underweight" rating for the company in a research report on Monday, March 17th. Alliance Global Partners cut Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a report on Monday, December 23rd. Finally, BTIG Research lowered shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a report on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $88.00.

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.