Norges Bank Makes New Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Norges Bank acquired a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 339,661 shares of the company’s stock, valued at approximately $22,635,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in IIPR. Bogart Wealth LLC bought a new stake in Innovative Industrial Properties in the fourth quarter valued at about $27,000. Compass Financial Services Inc bought a new position in Innovative Industrial Properties during the fourth quarter worth about $32,000. Smartleaf Asset Management LLC boosted its holdings in Innovative Industrial Properties by 182.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock valued at $43,000 after purchasing an additional 417 shares in the last quarter. Sierra Ocean LLC bought a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at approximately $77,000. Finally, Principal Securities Inc. raised its holdings in shares of Innovative Industrial Properties by 31.1% in the 4th quarter. Principal Securities Inc. now owns 1,192 shares of the company’s stock worth $79,000 after buying an additional 283 shares in the last quarter. 70.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts recently commented on the company. Piper Sandler decreased their price target on Innovative Industrial Properties from $60.00 to $55.00 and set an “underweight” rating on the stock in a research note on Monday, March 31st. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Industrial Alliance Securities set a $60.00 price target on shares of Innovative Industrial Properties in a report on Tuesday, March 18th. Roth Mkm decreased their price objective on shares of 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. Finally, Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Two research analysts have rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $85.00.

Innovative Industrial Properties Trading Up 2.0 %

Shares of NYSE IIPR opened at $53.47 on Monday. Innovative Industrial Properties, Inc. has a 1-year low of $49.51 and a 1-year high of $138.35. The company has a 50-day moving average of $68.91 and a two-hundred day moving average of $92.35. The company has a market cap of $1.51 billion, a PE ratio of 9.67 and a beta of 1.59. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting the consensus estimate of $2.22. The firm had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. As a group, equities analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 14.21%. Innovative Industrial Properties’s dividend payout ratio is currently 137.43%.

Insider Transactions at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction 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 of the company’s stock, valued at $94,960.30. This represents a 84.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.50% of the stock is owned by corporate 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.