Independence Bank of Kentucky Boosts Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Independence Bank of Kentucky boosted its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPRFree Report) by 82.9% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 640 shares of the company’s stock after acquiring an additional 290 shares during the quarter. Independence Bank of Kentucky’s holdings in Innovative Industrial Properties were worth $65,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. lifted its holdings in shares of Innovative Industrial Properties by 2.1% in the 2nd quarter. BlackRock Inc. now owns 5,003,990 shares of the company’s stock worth $365,341,000 after buying an additional 100,973 shares during the period. Vanguard Group Inc. lifted its holdings in shares of Innovative Industrial Properties by 3.1% in the 3rd quarter. Vanguard Group Inc. now owns 4,466,706 shares of the company’s stock worth $395,303,000 after buying an additional 136,398 shares during the period. State Street Corp lifted its holdings in shares of Innovative Industrial Properties by 7.3% in the 2nd quarter. State Street Corp now owns 1,712,372 shares of the company’s stock worth $128,046,000 after buying an additional 116,221 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Innovative Industrial Properties by 3.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 363,500 shares of the company’s stock worth $27,502,000 after buying an additional 12,026 shares during the period. Finally, Northern Trust Corp lifted its holdings in shares of Innovative Industrial Properties by 8.6% in the 3rd quarter. Northern Trust Corp now owns 358,166 shares of the company’s stock worth $27,099,000 after buying an additional 28,403 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Up 0.5 %

Shares of NYSE IIPR opened at $99.85 on Thursday. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.22 and a quick ratio of 14.22. The stock has a market capitalization of $2.82 billion, a P/E ratio of 17.31 and a beta of 1.49. Innovative Industrial Properties, Inc. has a 1-year low of $63.36 and a 1-year high of $105.81. The business has a fifty day moving average price of $95.95 and a 200 day moving average price of $88.53.

Innovative Industrial Properties (NYSE:IIPRGet Free Report) last issued its quarterly earnings data on Monday, February 26th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.62). The company had revenue of $79.16 million for the quarter, compared to analysts’ expectations of $76.55 million. Innovative Industrial Properties had a return on equity of 8.54% and a net margin of 53.50%. Equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be paid a dividend of $1.82 per share. This represents a $7.28 dividend on an annualized basis and a dividend yield of 7.29%. The ex-dividend date of this dividend is Wednesday, March 27th. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 126.17%.

Analyst Ratings Changes

Several brokerages have weighed in on IIPR. TheStreet upgraded Innovative Industrial Properties from a “c+” rating to a “b-” rating in a report on Wednesday, January 10th. Piper Sandler upped their target price on Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. Four analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $92.67.

View Our Latest Stock Analysis on IIPR

About Innovative Industrial Properties

(Free Report)

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.

Recommended Stories

Want to see what other hedge funds are holding IIPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Innovative Industrial Properties, Inc. (NYSE:IIPRFree Report).

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

Receive News & Ratings for Innovative Industrial Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Innovative Industrial Properties and related companies with MarketBeat.com's FREE daily email newsletter.