Massachusetts Financial Services Co. MA Has $2.45 Million Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Massachusetts Financial Services Co. MA raised its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 20.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 36,778 shares of the company's stock after acquiring an additional 6,312 shares during the period. Massachusetts Financial Services Co. MA owned about 0.13% of Innovative Industrial Properties worth $2,451,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Roberts Glore & Co. Inc. IL increased its holdings in Innovative Industrial Properties by 4.6% during the 4th quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company's stock worth $261,000 after purchasing an additional 172 shares in the last quarter. Avantax Advisory Services Inc. boosted its position in shares of Innovative Industrial Properties by 2.1% during the fourth quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company's stock worth $636,000 after buying an additional 192 shares during the period. Baader Bank Aktiengesellschaft grew its holdings in shares of Innovative Industrial Properties by 3.6% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 5,700 shares of the company's stock worth $378,000 after buying an additional 200 shares in the last quarter. Captrust Financial Advisors raised its position in Innovative Industrial Properties by 11.6% in the 3rd quarter. Captrust Financial Advisors now owns 2,050 shares of the company's stock valued at $276,000 after buying an additional 213 shares during the last quarter. Finally, American Century Companies Inc. lifted its stake in Innovative Industrial Properties by 1.7% in the 4th quarter. American Century Companies Inc. now owns 16,158 shares of the company's stock valued at $1,077,000 after acquiring an additional 270 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

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Wall Street Analyst Weigh In

A number of research firms have recently issued reports on IIPR. Compass Point reiterated a "sell" rating and issued a $50.00 price objective (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Alliance Global Partners cut Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a report on Monday, December 23rd. Piper Sandler lowered their target price on Innovative Industrial Properties from $60.00 to $55.00 and set an "underweight" rating on the stock in a research report on Monday, March 31st. Finally, Roth Mkm reduced their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $85.00.

Insider Buying and Selling at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the company's stock in a transaction 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 transaction, the director now directly owns 1,346 shares of the company's stock, valued at $94,960.30. This represents a 84.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders own 1.50% of the company's stock.

Innovative Industrial Properties Stock Performance

NYSE IIPR traded up $0.91 during trading on Monday, reaching $50.27. 40,002 shares of the company's stock were exchanged, compared to its average volume of 268,461. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $138.35. The stock has a market capitalization of $1.42 billion, a P/E ratio of 9.09 and a beta of 1.59. The business has a 50 day moving average price of $65.99 and a 200-day moving average price of $88.46. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting analysts' consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The business had revenue of $76.74 million for the quarter, compared to analysts' expectations of $76.21 million. Sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a yield of 15.12%. Innovative Industrial Properties's dividend payout ratio (DPR) 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.