Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp boosted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 25.8% during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 378,644 shares of the company's stock after purchasing an additional 77,552 shares during the quarter. Bank of New York Mellon Corp owned about 1.34% of Innovative Industrial Properties worth $25,233,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in IIPR. US Bancorp DE increased its position in Innovative Industrial Properties by 75.3% during the 3rd quarter. US Bancorp DE now owns 440 shares of the company's stock valued at $59,000 after purchasing an additional 189 shares during the period. Van ECK Associates Corp increased its holdings in Innovative Industrial Properties by 12.3% during the third quarter. Van ECK Associates Corp now owns 4,843 shares of the company's stock valued at $641,000 after buying an additional 531 shares during the period. CWA Asset Management Group LLC bought a new position in Innovative Industrial Properties in the third quarter worth approximately $713,000. Verdence Capital Advisors LLC bought a new position in Innovative Industrial Properties in the third quarter worth approximately $228,000. Finally, Assetmark Inc. lifted its holdings in Innovative Industrial Properties by 18.6% during the third quarter. Assetmark Inc. now owns 6,836 shares of the company's stock worth $920,000 after buying an additional 1,073 shares during the period. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

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Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. JMP Securities reissued a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. 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. Roth Mkm reduced their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Piper Sandler downgraded shares of Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and lowered their target price for the company from $118.00 to $70.00 in a research note on Friday, December 20th. Finally, Compass Point downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. 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 stock. According to MarketBeat.com, Innovative Industrial Properties has an average rating of "Hold" and an average price target of $102.00.

Innovative Industrial Properties Stock Performance

Shares of IIPR traded down $2.50 during trading hours on Thursday, reaching $68.13. 225,806 shares of the company traded hands, compared to its average volume of 236,179. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The business has a fifty day moving average price of $70.52 and a 200-day moving average price of $100.14. Innovative Industrial Properties, Inc. has a 12-month low of $62.45 and a 12-month high of $138.35. The stock has a market capitalization of $1.93 billion, a P/E ratio of 12.32 and a beta of 1.49.

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

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $1.90 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.15%. Innovative Industrial Properties's payout ratio is currently 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.