Jump Financial LLC Invests $843,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Jump Financial LLC purchased a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 12,647 shares of the company's stock, valued at approximately $843,000.

Other hedge funds have also made changes to their positions in the company. Summit Investment Advisors Inc. lifted its stake in Innovative Industrial Properties by 5.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company's stock worth $196,000 after acquiring an additional 160 shares during the last quarter. Roberts Glore & Co. Inc. IL grew its stake in shares of Innovative Industrial Properties by 4.6% during the fourth quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company's stock worth $261,000 after purchasing an additional 172 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in Innovative Industrial Properties by 2.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company's stock valued at $636,000 after buying an additional 192 shares during the last quarter. Baader Bank Aktiengesellschaft raised its stake in Innovative Industrial Properties by 3.6% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 5,700 shares of the company's stock valued at $378,000 after buying an additional 200 shares in the last quarter. Finally, American Century Companies Inc. lifted its holdings in Innovative Industrial Properties by 1.7% during the 4th quarter. American Century Companies Inc. now owns 16,158 shares of the company's stock worth $1,077,000 after buying an additional 270 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company's stock.

Analysts Set New Price Targets

Several research firms recently weighed in on IIPR. Compass Point restated a "sell" rating and set a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Roth Mkm reduced 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 report on Friday, February 21st. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Piper Sandler reduced 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. Finally, Wolfe Research started coverage on Innovative Industrial Properties in a report on Wednesday. They set an "outperform" rating and a $57.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $78.67.

Insider Activity

In related news, Director David Stecher sold 7,599 shares of the business's stock in a transaction dated 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 of the company's stock, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 1.50% of the company's stock.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR traded up $0.33 during mid-day trading on Friday, hitting $53.71. 137,284 shares of the company were exchanged, compared to its average volume of 272,790. 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 $1.52 billion, a price-to-earnings ratio of 9.71 and a beta of 1.59. The stock has a 50 day simple moving average of $61.59 and a 200-day simple moving average of $82.87. Innovative Industrial Properties, Inc. has a 1-year low of $45.44 and a 1-year high of $138.35.

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 (EPS) for the quarter, hitting analysts' consensus estimates of $2.22. The business had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. On average, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 14.15%. The ex-dividend date was Monday, March 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is 137.43%.

About Innovative Industrial Properties

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.