JPMorgan Chase & Co. Has $31.93 Million Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

JPMorgan Chase & Co. boosted its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 17.5% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 237,206 shares of the company's stock after purchasing an additional 35,269 shares during the quarter. JPMorgan Chase & Co. owned approximately 0.84% of Innovative Industrial Properties worth $31,928,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the business. Wellington Management Group LLP raised its position in shares of Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company's stock worth $76,490,000 after purchasing an additional 185,855 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of 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 acquiring an additional 56,689 shares during the period. Dimensional Fund Advisors LP grew its position in shares of Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company's stock worth $35,862,000 after acquiring an additional 45,779 shares during the last quarter. Jupiter Asset Management Ltd. increased its holdings in shares of Innovative Industrial Properties by 279.1% in the 2nd quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company's stock worth $5,171,000 after acquiring an additional 34,854 shares during the period. Finally, Barclays PLC lifted its position in Innovative Industrial Properties by 187.5% in the 3rd quarter. Barclays PLC now owns 47,988 shares of the company's stock valued at $6,459,000 after purchasing an additional 31,295 shares during the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on IIPR shares. JMP Securities restated a "market perform" rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. BTIG Research lowered Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research report on Monday, December 23rd. Wolfe Research raised Innovative Industrial Properties to a "hold" rating in a report on Monday, September 23rd. Piper Sandler cut shares of Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and cut their price objective for the company from $118.00 to $70.00 in a research note on Friday, December 20th. Finally, Alliance Global Partners cut shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $104.50.

Innovative Industrial Properties Price Performance

NYSE IIPR traded down $1.05 on Tuesday, reaching $66.36. The company's stock had a trading volume of 359,744 shares, compared to its average volume of 331,947. Innovative Industrial Properties, Inc. has a twelve month low of $64.80 and a twelve month high of $138.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The firm's 50 day moving average is $98.92 and its two-hundred day moving average is $114.68. The stock has a market cap of $1.88 billion, a PE ratio of 11.81 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same quarter in the previous year, the business posted $2.29 earnings per share. The company's quarterly revenue was down 1.7% on a year-over-year basis. As a group, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 11.45%. The ex-dividend date of this dividend is Tuesday, December 31st. Innovative Industrial Properties's dividend payout ratio is 135.23%.

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.