Balyasny Asset Management L.P. Takes $9.62 Million Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Balyasny Asset Management L.P. acquired a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor acquired 144,288 shares of the company's stock, valued at approximately $9,615,000. Balyasny Asset Management L.P. owned about 0.51% of Innovative Industrial Properties at the end of the most recent quarter.

Several other institutional investors also recently modified their holdings of IIPR. Bogart Wealth LLC bought a new position in Innovative Industrial Properties during the fourth quarter valued at approximately $27,000. Compass Financial Services Inc bought a new position in Innovative Industrial Properties during the fourth quarter valued at approximately $32,000. Smartleaf Asset Management LLC grew its position in Innovative Industrial Properties by 182.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock valued at $43,000 after acquiring an additional 417 shares during the last quarter. Headlands Technologies LLC bought a new position in Innovative Industrial Properties during the fourth quarter valued at approximately $50,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Innovative Industrial Properties during the fourth quarter valued at approximately $57,000. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Trading Up 0.7%

Shares of NYSE:IIPR traded up $0.41 during trading on Wednesday, reaching $55.88. 85,342 shares of the company traded hands, compared to its average volume of 270,880. The firm has a market capitalization of $1.57 billion, a price-to-earnings ratio of 10.10 and a beta of 1.73. Innovative Industrial Properties, Inc. has a 52-week low of $45.44 and a 52-week high of $138.35. 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 business's fifty day moving average is $57.27 and its 200-day moving average is $76.70.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing analysts' consensus estimates of $2.06 by ($0.12). Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The business had revenue of $71.72 million during the quarter, compared to analysts' expectations of $72.20 million. During the same period in the previous year, the business earned $2.21 EPS. The business's revenue was down 5.7% compared to the same quarter last year. 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 declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 13.60%. The ex-dividend date was Monday, March 31st. Innovative Industrial Properties's payout ratio is 146.15%.

Analyst Upgrades and Downgrades

A number of brokerages have commented on IIPR. Industrial Alliance Securities reiterated a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Piper Sandler reduced their price target on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 15th. Compass Point reissued a "sell" rating and set a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Roth Mkm dropped their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Finally, Wolfe Research assumed coverage on Innovative Industrial Properties in a research note on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average target price of $78.67.

Insiders Place Their Bets

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the stock in a transaction on Monday, March 3rd. The stock was 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 owns 1,346 shares in the company, valued at approximately $94,960.30. This represents a 84.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 1.50% of the stock is owned by corporate 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.