Intech Investment Management LLC Buys 14,480 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Intech Investment Management LLC lifted its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 141.3% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 24,730 shares of the company's stock after purchasing an additional 14,480 shares during the quarter. Intech Investment Management LLC owned 0.09% of Innovative Industrial Properties worth $1,648,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also made changes to their positions in IIPR. Bogart Wealth LLC purchased a new stake in Innovative Industrial Properties in the 4th quarter worth approximately $27,000. Compass Financial Services Inc acquired a new position in shares of Innovative Industrial Properties in the fourth quarter worth $32,000. Smartleaf Asset Management LLC increased its stake in shares of Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock worth $43,000 after acquiring an additional 417 shares during the last quarter. Canton Hathaway LLC purchased a new stake in shares of Innovative Industrial Properties during the third quarter worth $55,000. Finally, Loomis Sayles & Co. L P boosted its position in Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company's stock valued at $57,000 after purchasing an additional 407 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

Innovative Industrial Properties stock traded down $1.13 during trading hours on Tuesday, reaching $65.16. 61,318 shares of the company were exchanged, compared to its average volume of 335,951. Innovative Industrial Properties, Inc. has a 12 month low of $61.72 and a 12 month high of $138.35. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The stock has a 50-day moving average of $70.44 and a 200 day moving average of $96.71. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 11.80 and a beta of 1.49.

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Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted 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. The business 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%. As a group, research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 11.66%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties's dividend payout ratio is currently 137.43%.

Insider Transactions at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the 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 completion of the sale, the director now directly owns 1,346 shares of the company's stock, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

IIPR has been the topic of several research reports. JMP Securities reaffirmed a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. BTIG Research downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a report on Monday, December 23rd. Compass Point cut their price objective on shares of Innovative Industrial Properties from $78.00 to $60.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 18th. Piper Sandler decreased their target price on shares of 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. Finally, Roth Mkm cut their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average 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.