8,474 Shares in Innovative Industrial Properties, Inc. (NYSE:IIPR) Bought by Chesapeake Capital Corp IL

Chesapeake Capital Corp IL purchased a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 8,474 shares of the company’s stock, valued at approximately $854,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its position in shares of Innovative Industrial Properties by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 378,945 shares of the company’s stock valued at $38,205,000 after buying an additional 15,445 shares in the last quarter. Northern Trust Corp raised its position in Innovative Industrial Properties by 8.6% during the third quarter. Northern Trust Corp now owns 358,166 shares of the company’s stock worth $27,099,000 after acquiring an additional 28,403 shares during the period. Norges Bank purchased a new position in Innovative Industrial Properties during the fourth quarter valued at $31,116,000. Dimensional Fund Advisors LP grew its position in shares of Innovative Industrial Properties by 57.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 202,637 shares of the company’s stock valued at $20,430,000 after purchasing an additional 74,289 shares during the period. Finally, Principal Financial Group Inc. increased its stake in shares of Innovative Industrial Properties by 1.3% during the fourth quarter. Principal Financial Group Inc. now owns 172,647 shares of the company’s stock worth $17,406,000 after purchasing an additional 2,138 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Price Performance

NYSE IIPR traded up $1.32 during mid-day trading on Friday, hitting $109.28. The stock had a trading volume of 99,897 shares, compared to its average volume of 261,362. The firm’s 50 day moving average is $103.04 and its 200 day moving average is $95.63. The company has a debt-to-equity ratio of 0.15, a current ratio of 14.27 and a quick ratio of 14.27. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of 19.17 and a beta of 1.48. Innovative Industrial Properties, Inc. has a twelve month low of $65.16 and a twelve month high of $115.75.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, February 26th. The company reported $1.45 EPS for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.62). The business had revenue of $79.16 million during the quarter, compared to analyst estimates of $76.55 million. Innovative Industrial Properties had a net margin of 53.07% and a return on equity of 8.46%. Equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.5 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 6.66%. The ex-dividend date of this dividend was Wednesday, March 27th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 127.72%.

Analysts Set New Price Targets

Separately, Piper Sandler raised their price target on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th.

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.