D. E. Shaw & Co. Inc. Has $7.52 Million Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

D. E. Shaw & Co. Inc. lifted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 86.2% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 112,868 shares of the company's stock after purchasing an additional 52,266 shares during the quarter. D. E. Shaw & Co. Inc. owned about 0.40% of Innovative Industrial Properties worth $7,522,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Bogart Wealth LLC bought a new stake in Innovative Industrial Properties in the fourth quarter valued at $27,000. Compass Financial Services Inc acquired a new position in Innovative Industrial Properties during the 4th quarter valued at about $32,000. Smartleaf Asset Management LLC grew its position in Innovative Industrial Properties by 182.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock worth $43,000 after purchasing an additional 417 shares during the last quarter. Headlands Technologies LLC bought a new stake in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $50,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth approximately $57,000. Institutional investors own 70.58% of the company's stock.

Wall Street Analyst Weigh In

IIPR has been the subject of a number of recent analyst reports. Wolfe Research assumed coverage on shares of Innovative Industrial Properties in a research note on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 target price on the stock. Compass Point restated a "sell" rating and issued a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Roth Mkm dropped their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. 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 report on Tuesday, April 15th. Finally, Industrial Alliance Securities restated a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $78.67.

Insiders Place Their Bets

In related news, Director David Stecher sold 7,599 shares of the business'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 in the company, valued at approximately $94,960.30. The trade was 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 this hyperlink. Corporate insiders own 2.00% of the company's stock.

Innovative Industrial Properties Trading Down 1.2%

NYSE IIPR traded down $0.71 on Wednesday, reaching $56.36. The company had a trading volume of 40,601 shares, compared to its average volume of 344,803. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a 52 week low of $45.44 and a 52 week high of $138.35. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 10.19 and a beta of 1.73. The stock's 50 day moving average is $55.79 and its 200-day moving average is $74.11.

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

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 13.49%. The ex-dividend date of this dividend was Monday, March 31st. 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.