Wealthfront Advisers LLC Invests $111,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Wealthfront Advisers LLC acquired a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 4th quarter, HoldingsChannel.com reports. The institutional investor acquired 1,669 shares of the company’s stock, valued at approximately $111,000.

Other hedge funds have also recently made changes to their positions in the company. US Bancorp DE increased its position in Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after buying an additional 189 shares in the last quarter. Crossmark Global Holdings Inc. increased its position in Innovative Industrial Properties by 21.8% in the 3rd quarter. Crossmark Global Holdings Inc. now owns 2,539 shares of the company’s stock valued at $341,000 after buying an additional 454 shares in the last quarter. Victory Capital Management Inc. increased its position in Innovative Industrial Properties by 23.4% in the 3rd quarter. Victory Capital Management Inc. now owns 36,784 shares of the company’s stock valued at $4,951,000 after buying an additional 6,977 shares in the last quarter. KBC Group NV increased its position in Innovative Industrial Properties by 28.2% in the 3rd quarter. KBC Group NV now owns 940 shares of the company’s stock valued at $127,000 after buying an additional 207 shares in the last quarter. Finally, Metis Global Partners LLC increased its position in Innovative Industrial Properties by 29.6% in the 3rd quarter. Metis Global Partners LLC now owns 2,917 shares of the company’s stock valued at $393,000 after buying an additional 667 shares in the last quarter. 70.58% of the stock is owned by institutional investors.

Insider Transactions at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now owns 1,346 shares in the company, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 1.50% of the company’s stock.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $64.36 on Tuesday. Innovative Industrial Properties, Inc. has a twelve month low of $62.45 and a twelve month high of $138.35. The stock’s 50 day moving average price is $70.50 and its 200-day moving average price is $98.77. The company has a market capitalization of $1.82 billion, a PE ratio of 11.64 and a beta of 1.49. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The firm had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. On average, equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.81%. Innovative Industrial Properties’s payout ratio is presently 137.43%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on IIPR. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their target price for the company from $125.00 to $78.00 in a research report on Friday, December 20th. Roth Mkm decreased their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, February 21st. Piper Sandler decreased their price objective on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a report on Monday. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $99.50.

Innovative Industrial Properties 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.