RPG Investment Advisory LLC boosted its position in shares of Innovative Industrial Properties Inc (NYSE:IIPR) by 700.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 600 shares of the company’s stock after buying an additional 525 shares during the period. RPG Investment Advisory LLC’s holdings in Innovative Industrial Properties were worth $49,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in IIPR. Wells Fargo & Company MN lifted its holdings in Innovative Industrial Properties by 35.7% during the 3rd quarter. Wells Fargo & Company MN now owns 9,443 shares of the company’s stock worth $456,000 after buying an additional 2,485 shares during the last quarter. Alliancebernstein L.P. purchased a new stake in Innovative Industrial Properties during the 3rd quarter worth about $280,000. Bank of New York Mellon Corp lifted its holdings in Innovative Industrial Properties by 5.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 22,508 shares of the company’s stock worth $1,086,000 after buying an additional 1,146 shares during the last quarter. BlackRock Inc. lifted its holdings in Innovative Industrial Properties by 1.4% during the 3rd quarter. BlackRock Inc. now owns 419,857 shares of the company’s stock worth $20,254,000 after buying an additional 5,906 shares during the last quarter. Finally, LPL Financial LLC purchased a new stake in Innovative Industrial Properties during the 3rd quarter worth about $426,000. Hedge funds and other institutional investors own 54.35% of the company’s stock.
NYSE IIPR traded down $1.35 during trading on Monday, reaching $83.35. 435,871 shares of the company’s stock were exchanged, compared to its average volume of 424,212. The company has a market capitalization of $824.53 million, a price-to-earnings ratio of 62.20 and a beta of 1.72. Innovative Industrial Properties Inc has a 1 year low of $31.10 and a 1 year high of $93.24.
The company also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Stockholders of record on Friday, March 29th will be given a dividend of $0.45 per share. The ex-dividend date is Thursday, March 28th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.16%. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $0.35. Innovative Industrial Properties’s payout ratio is 134.33%.
A number of analysts have issued reports on the company. Zacks Investment Research downgraded Innovative Industrial Properties from a “buy” rating to a “hold” rating in a report on Wednesday, March 27th. LADENBURG THALM/SH SH downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Wednesday, March 20th. Finally, BTIG Research lifted their price target on Innovative Industrial Properties to $101.00 and gave the stock a “buy” rating in a report on Tuesday, March 19th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $66.75.
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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