Voloridge Investment Management LLC Increases Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Voloridge Investment Management LLC lifted its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 2,683.2% in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 97,494 shares of the company's stock after acquiring an additional 93,991 shares during the period. Voloridge Investment Management LLC owned approximately 0.34% of Innovative Industrial Properties worth $6,497,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Barclays PLC boosted its stake in 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. Charles Schwab Investment Management Inc. raised its holdings in Innovative Industrial Properties by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock valued at $30,958,000 after acquiring an additional 7,179 shares during the period. Vanguard Group Inc. raised its holdings in Innovative Industrial Properties by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company's stock valued at $294,798,000 after acquiring an additional 64,908 shares during the period. LPL Financial LLC raised its holdings in Innovative Industrial Properties by 30.4% during the 4th quarter. LPL Financial LLC now owns 39,919 shares of the company's stock valued at $2,660,000 after acquiring an additional 9,312 shares during the period. Finally, Pacer Advisors Inc. bought a new stake in Innovative Industrial Properties during the 4th quarter valued at $42,006,000. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR traded down $0.23 during trading on Friday, reaching $55.41. 36,380 shares of the company's stock traded hands, compared to its average volume of 271,067. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $138.35. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The firm has a market cap of $1.55 billion, a PE ratio of 10.00 and a beta of 1.73. The company has a 50-day simple moving average of $54.46 and a 200-day simple moving average of $71.39.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released 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 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 period in the previous year, the firm posted $2.21 EPS. As a group, analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.72%. Innovative Industrial Properties's payout ratio is currently 146.15%.

Insider Buying and Selling

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the company's stock in a transaction on Monday, March 3rd. The shares were 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 represents a 84.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 2.00% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on IIPR shares. Piper Sandler cut their target price 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. Wolfe Research started 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 target for the company. Compass Point reissued a "sell" rating and issued a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Roth Mkm reduced their price objective on 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, Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Two research analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $78.67.

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.