Norges Bank Acquires Shares of 339,661 Innovative Industrial Properties, Inc. (NYSE:IIPR)

Norges Bank bought a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 339,661 shares of the company's stock, valued at approximately $22,635,000. Norges Bank owned 1.20% of Innovative Industrial Properties at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of IIPR. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in 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 purchasing an additional 56,689 shares during the period. Captrust Financial Advisors increased its position in shares of 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 in the last quarter. Wellington Management Group LLP raised its stake in 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 buying an additional 185,855 shares during the period. EP Wealth Advisors LLC bought a new position in Innovative Industrial Properties during the third quarter worth about $221,000. Finally, MML Investors Services LLC lifted its holdings in Innovative Industrial Properties by 10.5% during the third quarter. MML Investors Services LLC now owns 37,687 shares of the company's stock worth $5,073,000 after acquiring an additional 3,579 shares in the last quarter. 70.58% of the stock is owned by institutional investors.

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Innovative Industrial Properties Stock Up 1.0 %

Shares of Innovative Industrial Properties stock traded up $0.49 during trading hours on Friday, reaching $49.19. 289,772 shares of the company's stock were exchanged, compared to its average volume of 268,798. 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 company has a 50 day moving average of $65.99 and a two-hundred day moving average of $88.78. The stock has a market cap of $1.39 billion, a P/E ratio of 8.90 and a beta of 1.59. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $138.35.

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 firm had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. On average, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 15.45%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 137.43%.

Insider Buying and Selling at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the business'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 transaction of $536,109.45. Following the transaction, the director now owns 1,346 shares of the company's stock, valued at $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.50% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on IIPR shares. JMP Securities reaffirmed a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. 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 research note on Friday, February 21st. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 23rd. BTIG Research cut shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research report on Monday, December 23rd. Finally, Piper Sandler lowered their target price on Innovative Industrial Properties from $60.00 to $55.00 and set an "underweight" rating for the company in a report on Monday, March 31st. Two research analysts have rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $85.00.

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.