Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Purchased by Northern Trust Corp

Northern Trust Corp raised its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 20.6% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund 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 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Summit Investment Advisors Inc. raised its position in Innovative Industrial Properties by 5.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company's stock valued at $196,000 after acquiring an additional 160 shares in the last quarter. Roberts Glore & Co. Inc. IL grew its stake in shares of Innovative Industrial Properties by 4.6% during the 4th 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 during the period. Avantax Advisory Services Inc. increased its holdings in shares of Innovative Industrial Properties by 2.1% during the 4th quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company's stock valued at $636,000 after purchasing an additional 192 shares in the last quarter. Pinebridge Investments L.P. lifted its stake in shares of Innovative Industrial Properties by 4.3% in the 4th quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company's stock valued at $312,000 after purchasing an additional 193 shares during the period. Finally, Baader Bank Aktiengesellschaft boosted its holdings in Innovative Industrial Properties by 3.6% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 5,700 shares of the company's stock worth $378,000 after buying an additional 200 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company's stock.

Analyst Upgrades and Downgrades

IIPR has been the subject of a number of recent analyst reports. Compass Point reaffirmed a "sell" rating and issued a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Piper Sandler cut their price target on 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 reiterated a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Wolfe Research initiated coverage on Innovative Industrial Properties in a research report on Wednesday, April 23rd. They issued an "outperform" rating and a $57.00 price objective for the company. Finally, 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. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat.com, Innovative Industrial Properties currently has an average rating of "Hold" and an average target price of $78.67.

Insider Buying and Selling

In other news, Director David Stecher sold 7,599 shares of the company's stock in a transaction 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 transaction, the director now owns 1,346 shares of the company's stock, valued at $94,960.30. This represents a 84.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.50% of the stock is currently owned by company insiders.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR traded up $1.16 during trading on Friday, reaching $56.61. The stock had a trading volume of 44,716 shares, compared to its average volume of 349,024. The business has a fifty day moving average price of $56.59 and a 200-day moving average price of $76.02. The stock has a market cap of $1.59 billion, a PE ratio of 10.24 and a beta of 1.73. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. 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 posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.12). Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $71.72 million for the quarter, compared to analysts' expectations of $72.20 million. During the same quarter in the prior year, the firm earned $2.21 EPS. The firm's revenue was down 5.7% on a year-over-year basis. On average, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 13.42%. The ex-dividend date was Monday, March 31st. Innovative Industrial Properties's dividend payout ratio is presently 146.15%.

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.