Innovative Industrial Properties, Inc. (NYSE:IIPR) Holdings Lifted by D. E. Shaw & Co. Inc.

D. E. Shaw & Co. Inc. raised its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 86.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 112,868 shares of the company's stock after buying an additional 52,266 shares during the period. D. E. Shaw & Co. Inc. owned about 0.40% of Innovative Industrial Properties worth $7,522,000 at the end of the most recent quarter.

Several other large investors have also recently made changes to their positions in IIPR. Barclays PLC increased its position 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 purchasing an additional 31,295 shares in the last quarter. Franklin Resources Inc. boosted its holdings in shares of Innovative Industrial Properties by 10.3% during the 3rd quarter. Franklin Resources Inc. now owns 22,572 shares of the company's stock worth $2,984,000 after purchasing an additional 2,105 shares during the last quarter. Empirical Asset Management LLC purchased a new position in Innovative Industrial Properties during the fourth quarter worth approximately $4,794,000. TrueWealth Advisors LLC boosted its stake in Innovative Industrial Properties by 15.3% during the fourth quarter. TrueWealth Advisors LLC now owns 27,657 shares of the company's stock worth $1,843,000 after buying an additional 3,672 shares during the last quarter. Finally, SG Americas Securities LLC increased its stake in shares of Innovative Industrial Properties by 551.6% in the 4th quarter. SG Americas Securities LLC now owns 7,519 shares of the company's stock worth $501,000 after acquiring an additional 6,365 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties 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 transaction of $536,109.45. Following the sale, the director now owns 1,346 shares in the company, valued at $94,960.30. This represents a 84.95% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 2.00% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Roth Mkm decreased their target price 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. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Piper Sandler lowered their price objective on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research note on Tuesday, April 15th. Compass Point reiterated a "sell" rating and set a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Finally, Wolfe Research started coverage on Innovative Industrial Properties in a research note on Wednesday, April 23rd. They issued an "outperform" rating and a $57.00 price objective on the stock. Two equities research 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 company's stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $78.67.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR traded down $0.11 during trading on Monday, reaching $56.85. The company had a trading volume of 181,505 shares, compared to its average volume of 270,762. The stock has a 50-day moving average price of $56.29 and a two-hundred day moving average price of $74.72. Innovative Industrial Properties, Inc. has a twelve month low of $45.44 and a twelve month high of $138.35. The stock has a market capitalization of $1.59 billion, a PE ratio of 10.28 and a beta of 1.73. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.12). The firm had revenue of $71.72 million for the quarter, compared to analyst estimates 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 was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.21 earnings per share. As a group, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company 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 of this dividend was Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 13.37%. Innovative Industrial Properties's dividend payout ratio (DPR) 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.