Legal & General Group Plc Has $12.88 Million Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Legal & General Group Plc decreased its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 7.9% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 193,315 shares of the company's stock after selling 16,507 shares during the quarter. Legal & General Group Plc owned about 0.68% of Innovative Industrial Properties worth $12,883,000 as of its most recent filing with the SEC.

Several other institutional investors also recently made changes to their positions in IIPR. Pacer Advisors Inc. acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $42,006,000. Norges Bank acquired a new stake in Innovative Industrial Properties during the 4th quarter valued at $22,635,000. Cambiar Investors LLC increased its position in Innovative Industrial Properties by 370.0% during the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company's stock worth $7,216,000 after buying an additional 85,244 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Innovative Industrial Properties by 25.8% in the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company's stock worth $25,233,000 after acquiring an additional 77,552 shares during the last quarter. Finally, Empirical Asset Management LLC purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at $4,794,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the sale, the director now directly 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 document filed with the SEC, which is available at this hyperlink. Company insiders own 1.50% of the company's stock.

Innovative Industrial Properties Stock Down 1.6 %

Shares of NYSE:IIPR traded down $0.84 during midday trading on Monday, reaching $50.77. The company had a trading volume of 20,002 shares, compared to its average volume of 270,110. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The stock has a market capitalization of $1.44 billion, a P/E ratio of 9.19 and a beta of 1.59. The stock's fifty day moving average price is $63.72 and its 200-day moving average price is $85.58.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting 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 firm had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. Equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared 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 dividend on an annualized basis and a yield of 14.97%. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 137.43%.

Analysts Set New Price Targets

Several research analysts recently weighed in on IIPR shares. BTIG Research downgraded shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research note on Monday, December 23rd. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Roth Mkm dropped their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Alliance Global Partners lowered shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research report on Monday, December 23rd. Finally, Piper Sandler lowered their price target on 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 analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $83.00.

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.