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

Balyasny Asset Management L.P. bought a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 144,288 shares of the company's stock, valued at approximately $9,615,000. Balyasny Asset Management L.P. owned 0.51% of Innovative Industrial Properties as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also bought and sold shares of the company. Barclays PLC lifted its holdings in Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company's stock worth $6,459,000 after purchasing an additional 31,295 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Innovative Industrial Properties by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock worth $30,958,000 after buying an additional 7,179 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Innovative Industrial Properties by 1.5% during the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company's stock worth $294,798,000 after buying an additional 64,908 shares in the last quarter. LPL Financial LLC lifted its holdings in shares of Innovative Industrial Properties by 30.4% during the fourth quarter. LPL Financial LLC now owns 39,919 shares of the company's stock worth $2,660,000 after buying an additional 9,312 shares in the last quarter. Finally, Pacer Advisors Inc. acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $42,006,000. Institutional investors and hedge funds own 70.58% of the company's stock.

Analysts Set New Price Targets

IIPR has been the subject of a number of research reports. Compass Point reissued a "sell" rating and set a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Industrial Alliance Securities reissued a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Piper Sandler reduced their price target on 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. Wolfe Research began coverage on Innovative Industrial Properties in a research report on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 price target on the stock. Finally, Roth Mkm reduced their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a research report on Friday, February 21st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of "Hold" and an average target price of $78.67.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the business's stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now owns 1,346 shares of the company's stock, valued at $94,960.30. The trade was a 84.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. 1.50% of the stock is owned by company insiders.

Innovative Industrial Properties Trading Up 2.3%

Shares of IIPR stock traded up $1.26 during mid-day trading on Monday, hitting $55.87. The company's stock had a trading volume of 237,108 shares, compared to its average volume of 271,519. The company's fifty day simple moving average is $57.62 and its 200-day simple moving average is $76.85. Innovative Industrial Properties, Inc. has a 52 week low of $45.44 and a 52 week high of $138.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The company has a market cap of $1.56 billion, a PE ratio of 10.10 and a beta of 1.73.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business had revenue of $71.72 million for the quarter, compared to analyst estimates of $72.20 million. During the same quarter in the prior year, the business earned $2.21 earnings per share. The firm's quarterly revenue was down 5.7% compared to the same quarter last year. As a group, equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a $1.90 dividend. The ex-dividend date was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.60%. Innovative Industrial Properties's payout ratio is presently 146.15%.

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.