Wells Fargo & Company MN Buys 28,335 Shares of Innovative Industrial Properties Inc (NYSE:IIPR)

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Wells Fargo & Company MN boosted its stake in Innovative Industrial Properties Inc (NYSE:IIPR) by 53.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 81,555 shares of the company’s stock after purchasing an additional 28,335 shares during the period. Wells Fargo & Company MN owned approximately 0.83% of Innovative Industrial Properties worth $10,078,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the business. Daiwa Securities Group Inc. boosted its stake in shares of Innovative Industrial Properties by 340.0% during the 2nd quarter. Daiwa Securities Group Inc. now owns 13,200 shares of the company’s stock worth $1,631,000 after acquiring an additional 10,200 shares during the last quarter. Navellier & Associates Inc purchased a new position in shares of Innovative Industrial Properties during the 2nd quarter worth $1,633,000. Creative Planning boosted its stake in shares of Innovative Industrial Properties by 28.9% during the 2nd quarter. Creative Planning now owns 8,683 shares of the company’s stock worth $1,073,000 after acquiring an additional 1,947 shares during the last quarter. Executive Wealth Management LLC boosted its stake in shares of Innovative Industrial Properties by 11,500.0% during the 2nd quarter. Executive Wealth Management LLC now owns 580 shares of the company’s stock worth $72,000 after acquiring an additional 575 shares during the last quarter. Finally, Stratos Wealth Partners LTD. purchased a new position in shares of Innovative Industrial Properties during the 1st quarter worth $205,000. 57.81% of the stock is owned by institutional investors and hedge funds.

In other Innovative Industrial Properties news, Chairman Alan D. Gold bought 300 shares of Innovative Industrial Properties stock in a transaction dated Wednesday, September 4th. The shares were purchased at an average cost of $84.23 per share, for a total transaction of $25,269.00. Following the acquisition, the chairman now directly owns 318,089 shares in the company, valued at approximately $26,792,636.47. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 5.20% of the company’s stock.

IIPR stock traded down $1.91 during mid-day trading on Thursday, hitting $88.96. The company had a trading volume of 14,556 shares, compared to its average volume of 462,097. The company has a market capitalization of $1.05 billion, a price-to-earnings ratio of 66.55 and a beta of 2.12. Innovative Industrial Properties Inc has a 12-month low of $39.45 and a 12-month high of $139.53. The company has a quick ratio of 51.96, a current ratio of 51.96 and a debt-to-equity ratio of 0.53. The company has a 50-day moving average price of $100.14 and a 200 day moving average price of $95.68.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, August 7th. The company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.48 by ($0.18). The company had revenue of $8.62 billion during 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 firm’s revenue for the quarter was up 160.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.31 EPS. As a group, analysts expect that Innovative Industrial Properties Inc will post 2.58 EPS for the current year.

A number of research analysts recently weighed in on IIPR shares. Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $119.00 target price on the stock in a research note on Friday, August 9th. ValuEngine cut shares of Innovative Industrial Properties from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. BTIG Research lifted their target price on shares of Innovative Industrial Properties to $148.00 and gave the company a “buy” rating in a research note on Thursday, June 20th. Finally, TheStreet cut shares of Innovative Industrial Properties from a “b-” rating to a “c” rating in a research note on Wednesday, August 7th. Two research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $105.67.

About Innovative Industrial Properties

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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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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