SG Americas Securities LLC Purchases 49,680 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

SG Americas Securities LLC lifted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 660.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 57,199 shares of the company's stock after purchasing an additional 49,680 shares during the period. SG Americas Securities LLC owned 0.20% of Innovative Industrial Properties worth $3,094,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in the stock. Wedge Capital Management L L P NC raised its position in Innovative Industrial Properties by 28.7% during the 1st quarter. Wedge Capital Management L L P NC now owns 48,507 shares of the company's stock worth $2,624,000 after purchasing an additional 10,815 shares during the last quarter. TrueWealth Advisors LLC increased its holdings in Innovative Industrial Properties by 58.2% during the 1st quarter. TrueWealth Advisors LLC now owns 43,760 shares of the company's stock worth $2,367,000 after purchasing an additional 16,103 shares in the last quarter. Rhumbline Advisers boosted its stake in shares of Innovative Industrial Properties by 0.5% in the 1st quarter. Rhumbline Advisers now owns 94,632 shares of the company's stock worth $5,119,000 after buying an additional 454 shares during the last quarter. GAMMA Investing LLC lifted its stake in Innovative Industrial Properties by 5,838.0% in the first quarter. GAMMA Investing LLC now owns 32,184 shares of the company's stock valued at $17,410,000 after purchasing an additional 31,642 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in Innovative Industrial Properties in the fourth quarter valued at approximately $1,820,000. Institutional investors and hedge funds own 70.58% of the company's stock.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock traded down $0.69 on Friday, hitting $56.19. 228,774 shares of the company's stock were exchanged, compared to its average volume of 275,317. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $138.35. The company has a 50-day simple moving average of $54.12 and a 200-day simple moving average of $67.60. The stock has a market capitalization of $1.57 billion, a PE ratio of 10.16 and a beta of 1.70.

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

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th will be issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 13.53%. Innovative Industrial Properties's dividend payout ratio is currently 146.15%.

Analyst Upgrades and Downgrades

IIPR has been the topic of a number of analyst reports. Piper Sandler lowered 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 report on Tuesday, April 15th. Industrial Alliance Securities reissued a "neutral" rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Wolfe Research began coverage on shares of Innovative Industrial Properties in a research report on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 price target for the company. Roth Mkm cut their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Finally, 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. Two analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Innovative Industrial Properties presently has an average 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.