LPL Financial LLC Has $2.66 Million Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

LPL Financial LLC increased its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 30.4% in the fourth quarter, according to its most recent disclosure with the SEC. The firm owned 39,919 shares of the company's stock after purchasing an additional 9,312 shares during the period. LPL Financial LLC owned 0.14% of Innovative Industrial Properties worth $2,660,000 as of its most recent filing with the SEC.

Other institutional investors have also recently bought and sold shares of the company. Bogart Wealth LLC acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter worth about $27,000. Compass Financial Services Inc bought a new stake in shares of Innovative Industrial Properties during the fourth quarter worth approximately $32,000. Smartleaf Asset Management LLC grew its position in shares of Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock valued at $43,000 after purchasing an additional 417 shares during the last quarter. Sierra Ocean LLC bought a new position in shares of Innovative Industrial Properties during the fourth quarter worth approximately $77,000. Finally, Principal Securities Inc. lifted its holdings in Innovative Industrial Properties by 31.1% during the 4th quarter. Principal Securities Inc. now owns 1,192 shares of the company's stock worth $79,000 after purchasing an additional 283 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company's stock.

Innovative Industrial Properties Price Performance

Shares of IIPR traded up $0.54 during midday trading on Friday, hitting $51.50. The company's stock had a trading volume of 194,685 shares, compared to its average volume of 270,653. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. 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 capitalization of $1.46 billion, a price-to-earnings ratio of 9.31 and a beta of 1.59. The company's fifty day simple moving average is $64.18 and its two-hundred day simple moving average is $86.78.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting analysts' consensus estimates of $2.22. The firm had revenue of $76.74 million during the quarter, compared to analysts' expectations of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. As a group, equities 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 business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $1.90 per share. The ex-dividend date was Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 14.76%. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 137.43%.

Insider Activity

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the business's stock in a transaction that occurred 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 sale, the director now directly owns 1,346 shares of the company's stock, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.50% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have recently weighed in on the company. BTIG Research downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a report on Monday, December 23rd. Piper Sandler cut 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 report on Tuesday. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. 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 note on Monday, March 31st. Finally, Roth Mkm lowered their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a research note on Friday, February 21st. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of "Hold" and a consensus target price of $83.00.

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.