Zurcher Kantonalbank Zurich Cantonalbank Buys 4,849 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 46.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 15,232 shares of the company's stock after buying an additional 4,849 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.05% of Innovative Industrial Properties worth $1,015,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Pacer Advisors Inc. acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at about $42,006,000. Wellington Management Group LLP boosted its holdings in Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company's stock worth $76,490,000 after acquiring an additional 185,855 shares in the last quarter. Cambiar Investors LLC lifted its holdings in shares of Innovative Industrial Properties by 370.0% in the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company's stock valued at $7,216,000 after purchasing an additional 85,244 shares in the last quarter. Bank of New York Mellon Corp boosted its position in shares of Innovative Industrial Properties by 25.8% during the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company's stock valued at $25,233,000 after buying an additional 77,552 shares during the last quarter. Finally, Empirical Asset Management LLC purchased a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $4,794,000. Institutional investors and hedge funds own 70.58% of the company's stock.

Remove Ads

Innovative Industrial Properties Stock Performance

Innovative Industrial Properties stock traded up $0.06 during mid-day trading on Friday, reaching $63.44. 1,322,645 shares of the company's stock were exchanged, compared to its average volume of 244,026. The firm has a market capitalization of $1.80 billion, a PE ratio of 11.47 and a beta of 1.49. The business's fifty day simple moving average is $70.42 and its 200 day simple moving average is $97.28. 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, Inc. has a one year low of $61.72 and a one year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.22. The firm had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. On average, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 11.98%. Innovative Industrial Properties's payout ratio is presently 137.43%.

Insider Buying and Selling at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the business's stock in a transaction 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 sale, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.50% of the company's stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on IIPR shares. Alliance Global Partners cut Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 23rd. Compass Point cut their target price on Innovative Industrial Properties from $78.00 to $60.00 and set a "neutral" rating on the stock in a research report on Tuesday, March 18th. BTIG Research lowered Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a report on Monday, December 23rd. Industrial Alliance Securities set a $60.00 price target on Innovative Industrial Properties in a report on Tuesday, March 18th. Finally, Roth Mkm dropped their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 21st. One investment analyst has rated the stock with a sell rating, five have issued 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 presently has an average rating of "Hold" and an average price target of $88.00.

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.