Vanguard Group Inc. Increases Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Vanguard Group Inc. boosted its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 1.5% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 4,423,736 shares of the company's stock after purchasing an additional 64,908 shares during the quarter. Vanguard Group Inc. owned approximately 15.62% of Innovative Industrial Properties worth $294,798,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of IIPR. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its stake 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 acquiring an additional 56,689 shares in the last quarter. Captrust Financial Advisors increased its holdings in shares of Innovative Industrial Properties by 11.6% in the third quarter. Captrust Financial Advisors now owns 2,050 shares of the company's stock worth $276,000 after purchasing an additional 213 shares during the period. IHT Wealth Management LLC raised its position in shares of Innovative Industrial Properties by 87.0% in the third quarter. IHT Wealth Management LLC now owns 6,772 shares of the company's stock worth $905,000 after buying an additional 3,150 shares in the last quarter. Systematic Financial Management LP bought a new stake in Innovative Industrial Properties during the third quarter valued at $263,000. Finally, Wellington Management Group LLP boosted its stake in Innovative Industrial Properties by 48.6% during the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company's stock valued at $76,490,000 after buying an additional 185,855 shares during the period. 70.58% of the stock is currently owned by institutional investors.

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Insider Activity 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 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 ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.50% of the stock is owned by corporate insiders.

Innovative Industrial Properties Trading Up 7.6 %

Shares of NYSE:IIPR traded up $3.67 during trading on Wednesday, reaching $51.70. 784,185 shares of the company traded hands, compared to its average volume of 267,370. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a 52-week low of $45.74 and a 52-week high of $138.35. The business's fifty day moving average is $66.97 and its 200-day moving average is $89.98. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of 9.35 and a beta of 1.59.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting the consensus estimate of $2.22. The firm had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. As a group, analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $1.90 per share. The ex-dividend date is Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 14.70%. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 137.43%.

Analyst Ratings Changes

IIPR has been the topic of a number of research analyst reports. Compass Point reissued a "sell" rating and issued a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. BTIG Research downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research report on Monday, December 23rd. JMP Securities reiterated a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Industrial Alliance Securities restated a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Finally, 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. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Innovative Industrial Properties currently has a consensus rating of "Hold" and a consensus price target of $85.00.

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.