Avantax Advisory Services Inc. Buys 192 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Avantax Advisory Services Inc. boosted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 2.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 9,543 shares of the company’s stock after acquiring an additional 192 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Innovative Industrial Properties were worth $636,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Jupiter Asset Management Ltd. increased its stake in Innovative Industrial Properties by 12.4% during the fourth quarter. Jupiter Asset Management Ltd. now owns 177,766 shares of the company’s stock worth $11,846,000 after acquiring an additional 19,546 shares during the last quarter. Wealthfront Advisers LLC bought a new stake in Innovative Industrial Properties during the fourth quarter worth approximately $111,000. Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Innovative Industrial Properties by 46.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 15,232 shares of the company’s stock worth $1,015,000 after acquiring an additional 4,849 shares during the last quarter. Roberts Glore & Co. Inc. IL increased its stake in Innovative Industrial Properties by 4.6% during the fourth quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company’s stock worth $261,000 after acquiring an additional 172 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new stake in Innovative Industrial Properties during the fourth quarter worth approximately $567,000. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Stock Up 0.1 %

Shares of NYSE IIPR opened at $63.44 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The firm has a market capitalization of $1.80 billion, a price-to-earnings ratio of 11.47 and a beta of 1.49. The stock has a 50 day moving average price of $70.42 and a 200 day moving average price of $97.45. Innovative Industrial Properties, Inc. has a 52-week low of $61.72 and a 52-week high of $138.35.

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

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued 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 11.98%. Innovative Industrial Properties’s payout ratio is 137.43%.

Analysts Set New Price Targets

A number of research firms have recently commented on IIPR. Roth Mkm cut their target price on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Industrial Alliance Securities set a $60.00 target price on Innovative Industrial Properties in a research note on Tuesday. Piper Sandler cut their target price on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a research note on Monday, March 17th. Compass Point cut their target price on Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating on the stock in a research note on Tuesday. Finally, Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $88.00.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the sale, the director now owns 1,346 shares in the company, valued at $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 1.50% of the stock is owned by company insiders.

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.