Point72 Asset Management L.P. acquired a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund acquired 58,000 shares of the company's stock, valued at approximately $3,865,000. Point72 Asset Management L.P. owned about 0.20% of Innovative Industrial Properties as of its most recent SEC filing.
Other hedge funds have also recently made changes to their positions in the company. Barclays PLC increased its holdings in Innovative Industrial Properties by 187.5% during the third quarter. Barclays PLC now owns 47,988 shares of the company's stock valued at $6,459,000 after buying an additional 31,295 shares during the last quarter. SG Americas Securities LLC increased its holdings in Innovative Industrial Properties by 551.6% during the fourth quarter. SG Americas Securities LLC now owns 7,519 shares of the company's stock valued at $501,000 after buying an additional 6,365 shares during the last quarter. Secure Asset Management LLC increased its holdings in Innovative Industrial Properties by 18.0% during the fourth quarter. Secure Asset Management LLC now owns 13,818 shares of the company's stock valued at $921,000 after buying an additional 2,108 shares during the last quarter. Blue Trust Inc. increased its holdings in Innovative Industrial Properties by 30.5% during the fourth quarter. Blue Trust Inc. now owns 1,661 shares of the company's stock valued at $111,000 after buying an additional 388 shares during the last quarter. Finally, KBC Group NV increased its holdings in Innovative Industrial Properties by 37.1% during the fourth quarter. KBC Group NV now owns 1,289 shares of the company's stock valued at $86,000 after buying an additional 349 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.
Insider Buying and Selling at Innovative Industrial Properties
In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction 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 ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 2.00% of the stock is owned by company insiders.
Wall Street Analyst Weigh In
A number of equities analysts have weighed in on IIPR shares. Wolfe Research started coverage on shares of Innovative Industrial Properties in a research report on Wednesday, April 23rd. They issued an "outperform" rating and a $57.00 price target for the company. Roth Mkm dropped 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. Compass Point reiterated a "sell" rating and issued a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Industrial Alliance Securities reiterated a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Finally, Piper Sandler dropped their price target on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research report on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $78.67.
Check Out Our Latest Research Report on IIPR
Innovative Industrial Properties Price Performance
Shares of NYSE:IIPR traded down $0.06 during midday trading on Friday, reaching $55.48. 147,305 shares of the company were exchanged, compared to its average volume of 272,139. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The business's fifty day moving average is $55.13 and its two-hundred day moving average is $72.33. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35. The stock has a market cap of $1.55 billion, a PE ratio of 10.03 and a beta of 1.73.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business had revenue of $71.72 million for the quarter, compared to the consensus estimate of $72.20 million. During the same quarter last year, the business earned $2.21 EPS. Innovative Industrial Properties's revenue for the quarter was down 5.7% compared to the same quarter last year. As a group, 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. Shareholders of record on Monday, March 31st were given a dividend of $1.90 per share. The ex-dividend date was Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 13.70%. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 146.15%.
About Innovative Industrial Properties
(
Free Report)
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.
Read More
Before you consider Innovative Industrial Properties, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Innovative Industrial Properties wasn't on the list.
While Innovative Industrial Properties currently has a Hold rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Today, we are inviting you to take a free peek at our proprietary, exclusive, and up-to-the-minute list of 20 stocks that Wall Street's top analysts hate.
Many of these appear to have good fundamentals and might seem like okay investments, but something is wrong. Analysts smell something seriously rotten about these companies. These are true "Strong Sell" stocks.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
