International Assets Investment Management LLC Buys New Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

International Assets Investment Management LLC bought a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor bought 148,307 shares of the company's stock, valued at approximately $14,952,000. International Assets Investment Management LLC owned 0.53% of Innovative Industrial Properties as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. American Assets Capital Advisers LLC bought a new position in Innovative Industrial Properties in the 3rd quarter valued at $7,347,000. Schonfeld Strategic Advisors LLC grew its stake in Innovative Industrial Properties by 187.9% in the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 108,195 shares of the company's stock valued at $8,186,000 after purchasing an additional 70,612 shares during the period. Oppenheimer & Co. Inc. grew its stake in Innovative Industrial Properties by 118.3% in the 3rd quarter. Oppenheimer & Co. Inc. now owns 74,483 shares of the company's stock valued at $5,635,000 after purchasing an additional 40,367 shares during the period. Northern Trust Corp grew its stake in Innovative Industrial Properties by 8.6% in the 3rd quarter. Northern Trust Corp now owns 358,166 shares of the company's stock valued at $27,099,000 after purchasing an additional 28,403 shares during the period. Finally, Bryn Mawr Capital Management LLC bought a new position in Innovative Industrial Properties in the 3rd quarter valued at $1,384,000. 70.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on IIPR. Piper Sandler upped their price objective on Innovative Industrial Properties from $85.00 to $103.00 and gave the company a "neutral" rating in a research note on Thursday, February 29th. TheStreet upgraded Innovative Industrial Properties from a "c+" rating to a "b-" rating in a research note on Wednesday, January 10th. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $92.67.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock traded up $1.19 on Friday, hitting $109.48. 287,335 shares of the stock were exchanged, compared to its average volume of 211,667. The firm's 50 day moving average is $99.17 and its two-hundred day moving average is $92.03. The firm has a market capitalization of $3.09 billion, a PE ratio of 18.97 and a beta of 1.48. The company has a current ratio of 14.22, a quick ratio of 14.22 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a one year low of $65.16 and a one year high of $111.71.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings data on Monday, February 26th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.07 by ($0.62). The company had revenue of $79.16 million for the quarter, compared to analysts' expectations of $76.55 million. Innovative Industrial Properties had a return on equity of 8.54% and a net margin of 53.50%. Sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.49 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $1.82 per share. The ex-dividend date was Wednesday, March 27th. This represents a $7.28 dividend on an annualized basis and a yield of 6.65%. Innovative Industrial Properties's dividend payout ratio (DPR) is 126.17%.

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.