Quinn Opportunity Partners LLC Makes New Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Quinn Opportunity Partners LLC bought a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 33,000 shares of the company's stock, valued at approximately $2,199,000. Quinn Opportunity Partners LLC owned about 0.12% of Innovative Industrial Properties at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of IIPR. Vanguard Group Inc. boosted its stake in Innovative Industrial Properties by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company's stock worth $294,798,000 after acquiring an additional 64,908 shares during the last quarter. Pacer Advisors Inc. acquired a new position in shares of Innovative Industrial Properties in the 4th quarter valued at $42,006,000. Charles Schwab Investment Management Inc. increased its position in shares of Innovative Industrial Properties by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock valued at $30,958,000 after buying an additional 7,179 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in 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 worth $25,233,000 after acquiring an additional 77,552 shares in the last quarter. Finally, Norges Bank acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth about $22,635,000. 70.58% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the company's stock in a transaction that occurred 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 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 legal filing with the SEC, which is available at this hyperlink. 1.50% of the stock is currently owned by insiders.

Innovative Industrial Properties Trading Up 1.2 %

NYSE:IIPR traded up $0.64 on Thursday, reaching $51.60. 92,491 shares of the stock traded hands, compared to its average volume of 269,082. The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of 9.33 and a beta of 1.59. Innovative Industrial Properties, Inc. has a 1-year low of $45.44 and a 1-year 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 company's 50 day moving average is $64.63 and its 200-day moving average is $87.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly 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%. Equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $1.90 per share. The ex-dividend date was Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 14.73%. Innovative Industrial Properties's dividend payout ratio is 137.43%.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 23rd. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. BTIG Research downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research report on Monday, December 23rd. Roth Mkm reduced their target price 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, Piper Sandler cut their price target on Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $83.00.

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.