Schonfeld Strategic Advisors LLC Purchases New Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Schonfeld Strategic Advisors LLC purchased a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 16,700 shares of the company's stock, valued at approximately $1,113,000. Schonfeld Strategic Advisors LLC owned about 0.06% of Innovative Industrial Properties at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. Bogart Wealth LLC bought a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $27,000. Compass Financial Services Inc acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $32,000. Smartleaf Asset Management LLC boosted its holdings in shares of Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock valued at $43,000 after buying an additional 417 shares during the period. Headlands Technologies LLC acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $50,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $57,000. 70.58% of the stock is owned by institutional investors.

Insider Activity

In other news, Director David Stecher sold 7,599 shares of the company's 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 sale, the director now directly owns 1,346 shares of the company's stock, valued at approximately $94,960.30. This represents a 84.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

IIPR has been the subject of several research analyst reports. Wolfe Research initiated coverage on shares of Innovative Industrial Properties in a report on Wednesday, April 23rd. They issued an "outperform" rating and a $57.00 price target for the company. Industrial Alliance Securities reiterated a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Compass Point reiterated 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. Roth Mkm reduced their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a report on Friday, February 21st. Finally, Piper Sandler decreased their target price on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research report on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Innovative Industrial Properties currently has a consensus rating of "Hold" and an average price target of $78.67.

Innovative Industrial Properties Stock Down 0.3%

NYSE:IIPR traded down $0.18 on Tuesday, hitting $55.70. 59,951 shares of the company's stock were exchanged, compared to its average volume of 270,710. The firm has a 50-day moving average price of $57.62 and a 200-day moving average price of $76.85. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. Innovative Industrial Properties, Inc. has a 52 week low of $45.44 and a 52 week high of $138.35. The company has a market cap of $1.56 billion, a P/E ratio of 10.07 and a beta of 1.73.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results 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). The firm had revenue of $71.72 million during the quarter, compared to the consensus estimate of $72.20 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The firm's revenue for the quarter was down 5.7% compared to the same quarter last year. During the same period in the previous year, the company posted $2.21 earnings per share. As a group, analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $1.90 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.64%. Innovative Industrial Properties's payout ratio is 146.15%.

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.