RD Lewis Holdings Inc. Makes New Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

RD Lewis Holdings Inc. purchased a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 15,046 shares of the company's stock, valued at approximately $1,106,000. Innovative Industrial Properties accounts for about 1.3% of RD Lewis Holdings Inc.'s holdings, making the stock its 27th largest holding. RD Lewis Holdings Inc. owned approximately 0.05% of Innovative Industrial Properties at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Roberts Glore & Co. Inc. IL raised its stake in shares of Innovative Industrial Properties by 4.6% in the fourth 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 during the last quarter. US Bancorp DE boosted its stake in Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company's stock worth $59,000 after buying an additional 189 shares during the last quarter. Avantax Advisory Services Inc. raised its position in Innovative Industrial Properties by 2.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company's stock valued at $636,000 after purchasing an additional 192 shares during the period. Baader Bank Aktiengesellschaft raised its position in Innovative Industrial Properties by 3.6% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 5,700 shares of the company's stock valued at $378,000 after purchasing an additional 200 shares during the period. Finally, KBC Group NV raised its holdings in shares of Innovative Industrial Properties by 28.2% in the 3rd quarter. KBC Group NV now owns 940 shares of the company's stock valued at $127,000 after buying an additional 207 shares during the period. Hedge funds and other institutional investors own 70.58% of the company's stock.

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Analysts Set New Price Targets

A number of research firms have issued reports on IIPR. Alliance Global Partners lowered Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 23rd. Compass Point reduced their price objective on Innovative Industrial Properties from $78.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday. BTIG Research downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research report on Monday, December 23rd. JMP Securities reissued a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Finally, Piper Sandler lowered their price objective on 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. One analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $88.00.

Innovative Industrial Properties Price Performance

IIPR traded up $0.06 during trading on Friday, reaching $63.44. The stock had a trading volume of 1,322,645 shares, compared to its average volume of 244,235. Innovative Industrial Properties, Inc. has a 1-year low of $61.72 and a 1-year high of $138.35. The stock has a 50 day moving average of $70.42 and a two-hundred day moving average of $97.45. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 11.47 and a beta of 1.49. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) 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 company had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. As a group, equities analysts anticipate 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 will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.98%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 137.43%.

Insider Transactions at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the stock in a transaction dated 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 sale, the director now owns 1,346 shares in the company, valued at approximately $94,960.30. This trade represents 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 hyperlink. 1.50% of the stock is currently owned by company insiders.

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.