9,335 Shares in Innovative Industrial Properties, Inc. (NYSE:IIPR) Purchased by New York Life Investment Management LLC

New York Life Investment Management LLC bought a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 9,335 shares of the company's stock, valued at approximately $941,000.

A number of other hedge funds and other institutional investors have also modified their holdings of IIPR. International Assets Investment Management LLC acquired a new position in shares of Innovative Industrial Properties during the 4th quarter valued at about $14,952,000. American Assets Capital Advisers LLC acquired a new position in Innovative Industrial Properties during the third quarter worth approximately $7,347,000. Schonfeld Strategic Advisors LLC raised its stake in Innovative Industrial Properties by 187.9% during the third quarter. Schonfeld Strategic Advisors LLC now owns 108,195 shares of the company's stock worth $8,186,000 after purchasing an additional 70,612 shares during the period. Oppenheimer & Co. Inc. boosted its holdings in shares of 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 last quarter. Finally, Northern Trust Corp boosted its holdings in shares of 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 last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. TheStreet raised Innovative Industrial Properties from a "c+" rating to a "b-" rating in a research report on Wednesday, January 10th. Piper Sandler upped their price target on Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a "neutral" rating in a research note on Thursday, February 29th. Four research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus price target of $92.67.

Innovative Industrial Properties Trading Down 2.6 %

Shares of IIPR stock traded down $2.79 during mid-day trading on Thursday, reaching $104.91. The company's stock had a trading volume of 398,503 shares, compared to its average volume of 229,542. The company has a quick ratio of 14.22, a current ratio of 14.22 and a debt-to-equity ratio of 0.16. The firm has a market capitalization of $2.96 billion, a PE ratio of 18.08 and a beta of 1.48. The company's 50 day simple moving average is $100.01 and its 200-day simple moving average is $92.62. Innovative Industrial Properties, Inc. has a 12-month low of $65.16 and a 12-month high of $111.71.

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

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 6.94%. The ex-dividend date was Wednesday, March 27th. Innovative Industrial Properties's dividend payout ratio is presently 126.17%.

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.