LPL Financial LLC Increases Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

LPL Financial LLC grew its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 30.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 39,919 shares of the company's stock after buying an additional 9,312 shares during the period. LPL Financial LLC owned approximately 0.14% of Innovative Industrial Properties worth $2,660,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in IIPR. Bogart Wealth LLC purchased a new stake in Innovative Industrial Properties in the fourth quarter worth $27,000. Compass Financial Services Inc bought a new stake in Innovative Industrial Properties during the fourth quarter valued at about $32,000. Smartleaf Asset Management LLC grew its stake in Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock valued at $43,000 after purchasing an additional 417 shares during the last quarter. Sierra Ocean LLC bought a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at about $77,000. Finally, Principal Securities Inc. grew its position in shares of Innovative Industrial Properties by 31.1% in the 4th quarter. Principal Securities Inc. now owns 1,192 shares of the company's stock worth $79,000 after buying an additional 283 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock traded up $0.51 during trading hours on Wednesday, hitting $50.99. The company's stock had a trading volume of 216,529 shares, compared to its average volume of 269,443. The stock has a market cap of $1.44 billion, a PE ratio of 9.22 and a beta of 1.59. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-month high of $138.35. The company has a 50 day moving average of $65.08 and a 200 day moving average of $87.60. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16.

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Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting the consensus estimate 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%. On average, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 14.90%. The ex-dividend date was Monday, March 31st. Innovative Industrial Properties's payout ratio is presently 137.43%.

Insiders Place Their Bets

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties 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. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 1.50% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on IIPR. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. BTIG Research downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a report on Monday, December 23rd. Piper Sandler cut their price objective on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating on the stock in a report on Tuesday. 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. Finally, Compass Point reissued a "sell" rating and set a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Hold" and an average price target of $83.00.

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.