Invesco Ltd. Raises Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Invesco Ltd. grew its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 16.2% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 278,053 shares of the company's stock after acquiring an additional 38,832 shares during the period. Invesco Ltd. owned 0.98% of Innovative Industrial Properties worth $18,529,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Bogart Wealth LLC bought a new position in Innovative Industrial Properties in the fourth quarter worth approximately $27,000. Compass Financial Services Inc purchased a new stake in shares of Innovative Industrial Properties in the 4th quarter worth $32,000. Smartleaf Asset Management LLC grew its position in shares of Innovative Industrial Properties by 182.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock worth $43,000 after buying an additional 417 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Innovative Industrial Properties during the fourth quarter valued at $50,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at about $57,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now directly owns 1,346 shares of the company's stock, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.50% of the company's stock.

Innovative Industrial Properties Stock Up 1.5 %

Shares of Innovative Industrial Properties stock traded up $0.76 during trading on Thursday, reaching $52.54. The company's stock had a trading volume of 36,557 shares, compared to its average volume of 270,605. 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 $62.39 and a two-hundred day simple moving average of $84.56. 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 company has a market cap of $1.49 billion, a price-to-earnings ratio of 9.51 and a beta of 1.59.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting the consensus estimate of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The business had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. As a group, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $1.90 per share. The ex-dividend date was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a yield of 14.47%. Innovative Industrial Properties's payout ratio is 137.43%.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on IIPR shares. Wolfe Research began coverage on shares of Innovative Industrial Properties in a report on Wednesday. They set an "outperform" rating and a $57.00 target price on the stock. Compass Point reiterated a "sell" rating and set a $50.00 price objective (down from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research note on Tuesday, April 15th. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Finally, Roth Mkm reduced their price target 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. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock 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.