Northern Trust Corp Boosts Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Northern Trust Corp lifted its position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 20.6% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 435,879 shares of the company's stock after buying an additional 74,342 shares during the period. Northern Trust Corp owned about 1.54% of Innovative Industrial Properties worth $29,047,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in the business. Barclays PLC boosted its holdings in Innovative Industrial Properties by 187.5% in the third quarter. Barclays PLC now owns 47,988 shares of the company's stock worth $6,459,000 after purchasing an additional 31,295 shares during the last quarter. Franklin Resources Inc. lifted its holdings in shares of Innovative Industrial Properties by 10.3% during the 3rd quarter. Franklin Resources Inc. now owns 22,572 shares of the company's stock valued at $2,984,000 after buying an additional 2,105 shares during the period. Empirical Asset Management LLC bought a new position in Innovative Industrial Properties in the fourth quarter valued at about $4,794,000. TrueWealth Advisors LLC grew its stake in shares of Innovative Industrial Properties by 15.3% during the 4th quarter. TrueWealth Advisors LLC now owns 27,657 shares of the company's stock valued at $1,843,000 after purchasing an additional 3,672 shares during the period. Finally, SG Americas Securities LLC increased its position in shares of Innovative Industrial Properties by 551.6% during the 4th quarter. SG Americas Securities LLC now owns 7,519 shares of the company's stock valued at $501,000 after purchasing an additional 6,365 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the company's stock in a transaction dated 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 in the company, valued at approximately $94,960.30. This represents a 84.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is currently owned by company insiders.

Innovative Industrial Properties Price Performance

Shares of Innovative Industrial Properties stock traded down $0.09 on Wednesday, hitting $55.38. 243,029 shares of the company traded hands, compared to its average volume of 271,493. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The business has a 50-day simple moving average of $57.27 and a 200 day simple moving average of $76.70. Innovative Industrial Properties, Inc. has a 52 week low of $45.44 and a 52 week high of $138.35. The stock has a market capitalization of $1.55 billion, a P/E ratio of 10.01 and a beta of 1.73.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company had revenue of $71.72 million during the quarter, compared to the consensus estimate of $72.20 million. During the same quarter in the prior year, the firm posted $2.21 earnings per share. The business's revenue was down 5.7% on a year-over-year basis. 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 company also recently declared 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. This represents a $7.60 dividend on an annualized basis and a yield of 13.72%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties's payout ratio is presently 146.15%.

Analyst Ratings Changes

IIPR has been the topic of a number of research reports. Wolfe Research initiated coverage on shares of Innovative Industrial Properties in a report on Wednesday, April 23rd. They issued an "outperform" rating and a $57.00 price objective on the stock. Compass Point reissued a "sell" rating and set a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Industrial Alliance Securities reissued a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. 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. Finally, Roth Mkm lowered their target price on shares of 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, four have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties presently has an average rating of "Hold" and a consensus 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.