Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Purchased by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC grew its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 100.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 32,106 shares of the company's stock after purchasing an additional 16,071 shares during the quarter. Exchange Traded Concepts LLC owned approximately 0.11% of Innovative Industrial Properties worth $1,737,000 at the end of the most recent reporting period.

Several other large investors have also modified their holdings of the business. Norges Bank bought a new position in shares of Innovative Industrial Properties during the 4th quarter worth approximately $22,635,000. Balyasny Asset Management L.P. acquired a new position in Innovative Industrial Properties during the 4th quarter valued at approximately $9,615,000. Voloridge Investment Management LLC increased its stake in Innovative Industrial Properties by 2,683.2% during the 4th quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company's stock valued at $6,497,000 after purchasing an additional 93,991 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Innovative Industrial Properties by 25.8% during the 4th quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company's stock valued at $25,233,000 after purchasing an additional 77,552 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Innovative Industrial Properties by 20.6% during the 4th quarter. Northern Trust Corp now owns 435,879 shares of the company's stock valued at $29,047,000 after purchasing an additional 74,342 shares in the last quarter. Institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Trading Up 1.7%

Shares of Innovative Industrial Properties stock traded up $0.97 during mid-day trading on Thursday, hitting $57.84. 200,513 shares of the stock were exchanged, compared to its average volume of 276,439. 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 $1.62 billion, a price-to-earnings ratio of 11.12 and a beta of 1.70. The company has a 50-day simple moving average of $54.72 and a 200 day simple moving average of $66.17. The company has a current ratio of 10.73, a quick ratio of 10.73 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced 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). The company had revenue of $71.72 million for the quarter, compared to analysts' expectations of $72.20 million. Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 50.30%. The company's revenue was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.21 earnings per share. Research analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a $1.90 dividend. The ex-dividend date is Monday, June 30th. This represents a $7.60 annualized dividend and a yield of 13.14%. Innovative Industrial Properties's payout ratio is 146.15%.

Wall Street Analyst Weigh In

IIPR has been the topic of a number of research 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 note on Friday, February 21st. Wolfe Research began coverage on shares of 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. Compass Point reissued a "sell" rating and set a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Finally, Piper Sandler decreased their price target on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 15th. Two equities research 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 stock. Based on data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of "Hold" and an average price target 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.