First Trust Advisors LP raised its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) by 307.5% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 20,422 shares of the company’s stock after purchasing an additional 15,411 shares during the period. First Trust Advisors LP owned about 0.07% of Innovative Industrial Properties worth $2,070,000 as of its most recent SEC filing.
A number of other institutional investors also recently made changes to their positions in IIPR. State Street Corp increased its holdings in shares of Innovative Industrial Properties by 14.8% in the 1st quarter. State Street Corp now owns 1,468,375 shares of the company’s stock valued at $304,124,000 after acquiring an additional 189,733 shares during the last quarter. ETF Managers Group LLC grew its stake in Innovative Industrial Properties by 185.7% during the 3rd quarter. ETF Managers Group LLC now owns 279,868 shares of the company’s stock worth $24,768,000 after buying an additional 181,922 shares during the last quarter. Vanguard Group Inc. grew its stake in Innovative Industrial Properties by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 3,989,218 shares of the company’s stock worth $819,386,000 after buying an additional 179,840 shares during the last quarter. Marshall Wace LLP grew its stake in Innovative Industrial Properties by 1,946.9% during the 3rd quarter. Marshall Wace LLP now owns 138,045 shares of the company’s stock worth $12,217,000 after buying an additional 131,301 shares during the last quarter. Finally, Millennium Management LLC grew its stake in Innovative Industrial Properties by 80.1% during the 2nd quarter. Millennium Management LLC now owns 132,098 shares of the company’s stock worth $14,514,000 after buying an additional 58,756 shares during the last quarter. 73.71% of the stock is owned by institutional investors and hedge funds.
Innovative Industrial Properties Stock Performance
IIPR opened at $68.77 on Friday. The firm has a market capitalization of $1.93 billion, a P/E ratio of 12.21 and a beta of 1.59. The stock’s 50 day moving average price is $70.16 and its two-hundred day moving average price is $88.27. The company has a quick ratio of 17.70, a current ratio of 17.70 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 12-month low of $63.36 and a 12-month high of $137.33.
Innovative Industrial Properties Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Friday, April 14th. Stockholders of record on Friday, March 31st were paid a dividend of $1.80 per share. This represents a $7.20 annualized dividend and a dividend yield of 10.47%. The ex-dividend date of this dividend was Thursday, March 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 127.89%.
Analyst Ratings Changes
A number of research analysts recently commented on IIPR shares. Craig Hallum downgraded Innovative Industrial Properties from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $125.00 to $80.00 in a research note on Wednesday, May 10th. Compass Point cut their price objective on Innovative Industrial Properties to $100.00 in a report on Wednesday, May 17th. StockNews.com initiated coverage on Innovative Industrial Properties in a report on Thursday, May 18th. They issued a “hold” rating for the company. Piper Sandler cut their price objective on Innovative Industrial Properties from $97.00 to $80.00 in a report on Wednesday. Finally, TheStreet lowered Innovative Industrial Properties from a “b-” rating to a “c+” rating in a report on Monday, February 27th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $126.50.
About Innovative Industrial Properties
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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