Sheaff Brock Investment Advisors LLC purchased a new stake in Innovative Industrial Properties Inc (NYSE:IIPR) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 57,346 shares of the company’s stock, valued at approximately $7,086,000. Innovative Industrial Properties comprises about 0.8% of Sheaff Brock Investment Advisors LLC’s holdings, making the stock its 22nd biggest holding.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Virtu Financial LLC bought a new position in Innovative Industrial Properties in the 1st quarter valued at $347,000. Stratos Wealth Partners LTD. bought a new position in shares of Innovative Industrial Properties during the 1st quarter worth $205,000. Anderson Hoagland & Co. bought a new position in shares of Innovative Industrial Properties during the 1st quarter worth $790,000. Mason Street Advisors LLC bought a new position in shares of Innovative Industrial Properties during the 1st quarter worth $257,000. Finally, Cambridge Investment Research Advisors Inc. grew its stake in shares of Innovative Industrial Properties by 67.2% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 9,017 shares of the company’s stock worth $737,000 after acquiring an additional 3,624 shares during the period. 61.11% of the stock is owned by institutional investors and hedge funds.
In other Innovative Industrial Properties news, CEO Paul E. Smithers sold 2,000 shares of the firm’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $90.50, for a total value of $181,000.00. Following the sale, the chief executive officer now owns 45,565 shares of the company’s stock, valued at approximately $4,123,632.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, VP Brian J. Wolfe sold 3,181 shares of the firm’s stock in a transaction dated Friday, May 17th. The shares were sold at an average price of $89.01, for a total value of $283,140.81. Following the completion of the sale, the vice president now directly owns 14,955 shares in the company, valued at approximately $1,331,144.55. The disclosure for this sale can be found here. Corporate insiders own 5.20% of the company’s stock.
Several research analysts have recently weighed in on the company. Zacks Investment Research upgraded Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $119.00 price target for the company in a research note on Friday. TheStreet downgraded Innovative Industrial Properties from a “b-” rating to a “c” rating in a research note on Wednesday, August 7th. ValuEngine downgraded Innovative Industrial Properties from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, BTIG Research increased their price target on Innovative Industrial Properties to $148.00 and gave the stock a “buy” rating in a research note on Thursday, June 20th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $91.25.
Shares of IIPR stock traded up $7.37 on Tuesday, hitting $106.98. 383,777 shares of the stock were exchanged, compared to its average volume of 573,354. The firm has a 50 day moving average price of $117.00. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of 79.84 and a beta of 2.01. The company has a quick ratio of 209.93, a current ratio of 51.96 and a debt-to-equity ratio of 0.53. Innovative Industrial Properties Inc has a one year low of $34.25 and a one year high of $139.53.
Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, August 7th. The company reported $0.30 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.48 by ($0.18). The company had revenue of $8.62 billion for the quarter, compared to analysts’ expectations of $8.37 million. Innovative Industrial Properties had a return on equity of 5.17% and a net margin of 47.83%. The business’s revenue for the quarter was up 160.0% on a year-over-year basis. During the same period last year, the company posted $0.31 EPS. Sell-side analysts expect that Innovative Industrial Properties Inc will post 2.53 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a dividend of $0.60 per share. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $0.45. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $2.40 dividend on an annualized basis and a yield of 2.24%. Innovative Industrial Properties’s dividend payout ratio is 179.10%.
Innovative Industrial Properties Company Profile
Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.
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