Cubist Systematic Strategies LLC Makes New $3.40 Million Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Cubist Systematic Strategies LLC purchased a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 50,987 shares of the company's stock, valued at approximately $3,398,000. Cubist Systematic Strategies LLC owned approximately 0.18% of Innovative Industrial Properties as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Barclays PLC increased its holdings in shares of Innovative Industrial Properties by 187.5% during the third quarter. Barclays PLC now owns 47,988 shares of the company's stock worth $6,459,000 after buying an additional 31,295 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in 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 valued at $30,958,000 after acquiring an additional 7,179 shares during the last quarter. Vanguard Group Inc. grew its holdings 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 period. LPL Financial LLC grew its holdings in Innovative Industrial Properties by 30.4% during the 4th quarter. LPL Financial LLC now owns 39,919 shares of the company's stock worth $2,660,000 after acquiring an additional 9,312 shares during the period. Finally, Pacer Advisors Inc. acquired a new stake in Innovative Industrial Properties during the 4th quarter worth about $42,006,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling 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 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 transaction, the director now owns 1,346 shares in the company, valued at approximately $94,960.30. The trade was a 84.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.50% of the company's stock.

Innovative Industrial Properties Trading Up 3.1%

Innovative Industrial Properties stock traded up $1.74 during mid-day trading on Friday, hitting $57.19. The company's stock had a trading volume of 136,933 shares, compared to its average volume of 270,065. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The stock has a market cap of $1.60 billion, a price-to-earnings ratio of 10.34 and a beta of 1.73. The business has a 50 day moving average price of $56.59 and a 200-day moving average price of $76.02. Innovative Industrial Properties, Inc. has a 12 month low of $45.44 and a 12 month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.12). The business had revenue of $71.72 million during the quarter, compared to the consensus estimate of $72.20 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The business's revenue for the quarter was down 5.7% on a year-over-year basis. During the same period in the prior year, the firm earned $2.21 earnings per share. 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 company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.29%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties's payout ratio is 146.15%.

Wall Street Analyst Weigh In

IIPR has been the topic of a number of research analyst reports. Roth Mkm cut their price objective on shares of 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. Compass Point reaffirmed a "sell" rating and issued a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Wolfe Research initiated coverage on shares of Innovative Industrial Properties in a research report on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 target price on the stock. Piper Sandler dropped their target price 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. Finally, Industrial Alliance Securities reissued a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of "Hold" and an average target price of $78.67.

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.