Raymond James Financial Inc. Takes Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Raymond James Financial Inc. purchased a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm purchased 8,514 shares of the company's stock, valued at approximately $567,000.

Several other large investors have also bought and sold shares of the business. Roberts Glore & Co. Inc. IL lifted its position in Innovative Industrial Properties by 4.6% during the fourth quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company's stock worth $261,000 after acquiring an additional 172 shares during the last quarter. Avantax Advisory Services Inc. grew its stake in shares of Innovative Industrial Properties by 2.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company's stock worth $636,000 after purchasing an additional 192 shares during the last quarter. Baader Bank Aktiengesellschaft grew its holdings in Innovative Industrial Properties by 3.6% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 5,700 shares of the company's stock worth $378,000 after acquiring an additional 200 shares during the period. American Century Companies Inc. increased its position in Innovative Industrial Properties by 1.7% in the 4th quarter. American Century Companies Inc. now owns 16,158 shares of the company's stock valued at $1,077,000 after buying an additional 270 shares in the last quarter. Finally, Principal Securities Inc. grew its holdings in shares of Innovative Industrial Properties by 31.1% during the fourth quarter. Principal Securities Inc. now owns 1,192 shares of the company's stock valued at $79,000 after buying an additional 283 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the company's stock in a transaction 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 completion of the transaction, the director now 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 owned by company insiders.

Wall Street Analyst Weigh In

IIPR has been the subject of several recent research reports. Wolfe Research started coverage on Innovative Industrial Properties in a report on Wednesday, April 23rd. They issued an "outperform" rating and a $57.00 price objective for the company. Piper Sandler reduced their price target on Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating on the stock in a research report on Tuesday, April 15th. Roth Mkm reduced their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a research report on Friday, February 21st. Industrial Alliance Securities reiterated a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Finally, Compass Point restated a "sell" rating and issued a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. 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's stock. According to MarketBeat.com, Innovative Industrial Properties has an average rating of "Hold" and an average target price of $78.67.

Innovative Industrial Properties Trading Up 0.9%

Shares of IIPR stock traded up $0.49 on Wednesday, hitting $55.96. The stock had a trading volume of 54,837 shares, compared to its average volume of 351,638. The company's 50 day moving average price is $57.27 and its 200-day moving average price is $76.70. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The firm has a market capitalization of $1.57 billion, a P/E ratio of 10.12 and a beta of 1.73.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing analysts' consensus estimates of $2.06 by ($0.12). The firm had revenue of $71.72 million during the quarter, compared to analyst estimates of $72.20 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. Innovative Industrial Properties's revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.21 earnings per share. Analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $1.90 dividend. The ex-dividend date was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.58%. Innovative Industrial Properties's payout ratio is 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.