Nuveen Asset Management LLC reduced its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) by 0.8% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 319,698 shares of the company’s stock after selling 2,485 shares during the quarter. Nuveen Asset Management LLC owned 1.14% of Innovative Industrial Properties worth $28,293,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in IIPR. Heritage Wealth Management LLC bought a new stake in Innovative Industrial Properties during the 2nd quarter worth about $25,000. Lazard Asset Management LLC increased its holdings in Innovative Industrial Properties by 112.9% in the first quarter. Lazard Asset Management LLC now owns 396 shares of the company’s stock valued at $81,000 after purchasing an additional 210 shares during the last quarter. IFP Advisors Inc grew its holdings in Innovative Industrial Properties by 44.2% during the third quarter. IFP Advisors Inc now owns 2,042 shares of the company’s stock valued at $83,000 after purchasing an additional 626 shares during the period. Baldwin Brothers LLC MA boosted its position in shares of Innovative Industrial Properties by 64.0% during the third quarter. Baldwin Brothers LLC MA now owns 1,025 shares of the company’s stock worth $91,000 after purchasing an additional 400 shares in the last quarter. Finally, Whittier Trust Co. raised its position in shares of Innovative Industrial Properties by 30.4% during the third quarter. Whittier Trust Co. now owns 1,089 shares of the company’s stock worth $96,000 after purchasing an additional 254 shares during the period. 73.71% of the stock is owned by institutional investors.
Analysts Set New Price Targets
A number of equities research analysts recently commented on the stock. JMP Securities lowered shares of Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a report on Friday, January 20th. BTIG Research cut their price target on shares of Innovative Industrial Properties from $196.00 to $179.00 and set a “buy” rating for the company in a research note on Tuesday, January 24th. Craig Hallum raised their target price on shares of Innovative Industrial Properties to $140.00 in a research note on Wednesday, November 16th. TheStreet lowered shares of Innovative Industrial Properties from a “b-” rating to a “c+” rating in a research report on Monday. Finally, Roth Capital dropped their target price on shares of Innovative Industrial Properties from $190.00 to $170.00 in a research report on Wednesday, November 9th. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $155.17.
Innovative Industrial Properties Price Performance
Innovative Industrial Properties Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Friday, December 30th were paid a $1.80 dividend. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $7.20 annualized dividend and a yield of 8.14%. Innovative Industrial Properties’s payout ratio is 130.43%.
Innovative Industrial Properties Company Profile
Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and Washington.
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