Pacer Advisors Inc. Buys New Shares in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Pacer Advisors Inc. purchased a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 630,340 shares of the company's stock, valued at approximately $42,006,000. Pacer Advisors Inc. owned 2.22% of Innovative Industrial Properties at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. KBC Group NV grew its position in Innovative Industrial Properties by 37.1% during the fourth quarter. KBC Group NV now owns 1,289 shares of the company's stock worth $86,000 after buying an additional 349 shares in the last quarter. Blue Trust Inc. raised its stake in shares of Innovative Industrial Properties by 30.5% in the fourth quarter. Blue Trust Inc. now owns 1,661 shares of the company's stock valued at $111,000 after purchasing an additional 388 shares in the last quarter. Secure Asset Management LLC lifted its position in Innovative Industrial Properties by 18.0% in the fourth quarter. Secure Asset Management LLC now owns 13,818 shares of the company's stock worth $921,000 after purchasing an additional 2,108 shares during the period. SG Americas Securities LLC increased its holdings in Innovative Industrial Properties by 551.6% in the 4th quarter. SG Americas Securities LLC now owns 7,519 shares of the company's stock valued at $501,000 after buying an additional 6,365 shares during the period. Finally, TrueWealth Advisors LLC raised its stake in shares of Innovative Industrial Properties by 15.3% in the 4th quarter. TrueWealth Advisors LLC now owns 27,657 shares of the company's stock valued at $1,843,000 after buying an additional 3,672 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently weighed in on IIPR. 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. Piper Sandler lowered Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and decreased their price target for the company from $118.00 to $70.00 in a research note on Friday, December 20th. Roth Capital raised Innovative Industrial Properties to a "strong-buy" rating in a report on Monday, November 11th. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Finally, BTIG Research lowered shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research report on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target of $104.50.

Innovative Industrial Properties Price Performance

NYSE:IIPR traded down $1.19 during mid-day trading on Tuesday, reaching $67.98. 183,846 shares of the company were exchanged, compared to its average volume of 294,197. Innovative Industrial Properties, Inc. has a 12 month low of $62.45 and a 12 month high of $138.35. The stock has a market cap of $1.93 billion, a PE ratio of 12.10 and a beta of 1.39. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The company has a fifty day moving average of $84.56 and a 200 day moving average of $110.16.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released 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). The firm had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company's revenue was down 1.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.29 EPS. On average, research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 11.18%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 135.23%.

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.