Twinbeech Capital LP Acquires Shares of 18,615 Innovative Industrial Properties, Inc. (NYSE:IIPR)

Twinbeech Capital LP purchased a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 18,615 shares of the company's stock, valued at approximately $1,241,000. Twinbeech Capital LP owned approximately 0.07% of Innovative Industrial Properties as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of IIPR. Barclays PLC increased its position in shares of Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company's stock valued at $6,459,000 after purchasing an additional 31,295 shares during the last quarter. SG Americas Securities LLC grew its position in Innovative Industrial Properties by 551.6% during 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. Secure Asset Management LLC grew its position in Innovative Industrial Properties by 18.0% during the 4th quarter. Secure Asset Management LLC now owns 13,818 shares of the company's stock worth $921,000 after acquiring an additional 2,108 shares during the last quarter. Blue Trust Inc. grew its position in Innovative Industrial Properties by 30.5% during the 4th quarter. Blue Trust Inc. now owns 1,661 shares of the company's stock worth $111,000 after acquiring an additional 388 shares during the last quarter. Finally, KBC Group NV grew its position in Innovative Industrial Properties by 37.1% during the 4th quarter. KBC Group NV now owns 1,289 shares of the company's stock worth $86,000 after acquiring an additional 349 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on IIPR shares. Piper Sandler reduced their price target on 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. Wolfe Research started coverage on Innovative Industrial Properties in a research report on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 price target on the stock. Roth Mkm reduced their price target on 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 reiterated a "sell" rating and issued a $50.00 price objective (down from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Finally, Industrial Alliance Securities reiterated 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 assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Hold" and an average target price of $78.67.

Insider Activity

In other news, Director David Stecher sold 7,599 shares of the firm'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 owns 1,346 shares in the company, valued at $94,960.30. This trade represents a 84.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 2.00% of the stock is currently owned by company insiders.

Innovative Industrial Properties Trading Up 0.9%

Shares of IIPR stock traded up $0.53 during trading hours on Tuesday, reaching $56.06. The company's stock had a trading volume of 65,842 shares, compared to its average volume of 340,837. The stock has a market capitalization of $1.57 billion, a P/E ratio of 10.14 and a beta of 1.73. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35. The firm's fifty day simple moving average is $54.96 and its 200 day simple moving average is $71.97. 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 released its earnings results on Wednesday, May 7th. The company reported $1.94 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 analysts' expectations of $72.20 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company's revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $2.21 EPS. Equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current 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 paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.56%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties's payout ratio is presently 146.15%.

Innovative Industrial Properties Company 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.