SG Americas Securities LLC lifted its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR – Free Report) by 387.7% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 28,509 shares of the company’s stock after acquiring an additional 22,663 shares during the period. SG Americas Securities LLC owned 0.10% of Innovative Industrial Properties worth $2,166,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. Private Advisor Group LLC boosted its holdings in shares of Innovative Industrial Properties by 41.5% in the 1st quarter. Private Advisor Group LLC now owns 2,344 shares of the company’s stock valued at $481,000 after buying an additional 687 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Innovative Industrial Properties by 8.1% in the 1st quarter. Bank of Montreal Can now owns 9,019 shares of the company’s stock worth $1,893,000 after purchasing an additional 676 shares in the last quarter. MetLife Investment Management LLC boosted its position in shares of Innovative Industrial Properties by 55.5% in the 1st quarter. MetLife Investment Management LLC now owns 12,587 shares of the company’s stock worth $2,585,000 after purchasing an additional 4,492 shares in the last quarter. Rhumbline Advisers boosted its position in shares of Innovative Industrial Properties by 8.2% in the 1st quarter. Rhumbline Advisers now owns 64,743 shares of the company’s stock worth $13,298,000 after purchasing an additional 4,898 shares in the last quarter. Finally, Great West Life Assurance Co. Can boosted its position in shares of Innovative Industrial Properties by 6.5% in the 1st quarter. Great West Life Assurance Co. Can now owns 42,089 shares of the company’s stock worth $8,914,000 after purchasing an additional 2,556 shares in the last quarter. 72.95% of the stock is currently owned by hedge funds and other institutional investors.
Innovative Industrial Properties Stock Up 0.3 %
Shares of NYSE:IIPR opened at $78.92 on Friday. The stock’s fifty day simple moving average is $72.30 and its 200-day simple moving average is $79.12. Innovative Industrial Properties, Inc. has a 52-week low of $63.36 and a 52-week high of $125.38. The company has a quick ratio of 17.70, a current ratio of 17.70 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $2.21 billion, a P/E ratio of 14.02 and a beta of 1.60.
Innovative Industrial Properties Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Friday, July 14th. Stockholders of record on Friday, June 30th were given a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a dividend yield of 9.12%. The ex-dividend date of this dividend was Thursday, June 29th. Innovative Industrial Properties’s payout ratio is currently 127.89%.
Analyst Upgrades and Downgrades
A number of analysts have commented on IIPR shares. Compass Point lowered their price target on Innovative Industrial Properties to $100.00 in a research report on Wednesday, May 17th. StockNews.com began coverage on shares of Innovative Industrial Properties in a research report on Thursday, May 18th. They set a “hold” rating for the company. Craig Hallum cut Innovative Industrial Properties from a “buy” rating to a “hold” rating and reduced their target price for the company from $125.00 to $80.00 in a report on Wednesday, May 10th. Finally, Piper Sandler downgraded Innovative Industrial Properties from an “overweight” rating to a “neutral” rating and set a $80.00 target price for the company. in a research note on Thursday, June 29th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, Innovative Industrial Properties has a consensus rating of “Hold” and a consensus price target of $121.80.
Innovative Industrial Properties Company 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.
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