US Bancorp DE Raises Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

US Bancorp DE grew its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 12,793.9% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 56,733 shares of the company's stock after acquiring an additional 56,293 shares during the period. US Bancorp DE owned 0.20% of Innovative Industrial Properties worth $3,781,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in IIPR. Van ECK Associates Corp grew its stake in Innovative Industrial Properties by 12.3% in the 3rd quarter. Van ECK Associates Corp now owns 4,843 shares of the company's stock worth $641,000 after acquiring an additional 531 shares in the last quarter. CWA Asset Management Group LLC bought a new position in Innovative Industrial Properties in the 3rd quarter worth about $713,000. Verdence Capital Advisors LLC bought a new position in Innovative Industrial Properties in the 3rd quarter worth about $228,000. Assetmark Inc. grew its stake in Innovative Industrial Properties by 18.6% in the 3rd quarter. Assetmark Inc. now owns 6,836 shares of the company's stock worth $920,000 after acquiring an additional 1,073 shares in the last quarter. Finally, Crossmark Global Holdings Inc. grew its stake in Innovative Industrial Properties by 21.8% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 2,539 shares of the company's stock worth $341,000 after acquiring an additional 454 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on IIPR. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 23rd. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Compass Point downgraded shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating and dropped their price objective for the company from $125.00 to $78.00 in a research note on Friday, December 20th. Roth Capital upgraded shares of Innovative Industrial Properties to a "strong-buy" rating in a research note on Monday, November 11th. Finally, Piper Sandler downgraded shares of Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and dropped their price objective for the company from $118.00 to $70.00 in a research note on Friday, December 20th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Innovative Industrial Properties presently has an average rating of "Hold" and an average target price of $102.00.

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Insider Buying and Selling at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the firm's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares of the company's stock, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.50% of the stock is owned by insiders.

Innovative Industrial Properties Stock Up 0.7 %

IIPR traded up $0.48 during trading on Friday, hitting $73.23. The stock had a trading volume of 257,785 shares, compared to its average volume of 233,906. The company has a market capitalization of $2.07 billion, a PE ratio of 13.24 and a beta of 1.49. Innovative Industrial Properties, Inc. has a twelve month low of $62.45 and a twelve month high of $138.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The stock has a 50 day simple moving average of $70.25 and a two-hundred day simple moving average of $101.34.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share 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, research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 annualized dividend and a yield of 10.38%. Innovative Industrial Properties's dividend payout ratio (DPR) is 137.43%.

Innovative Industrial Properties 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.