Wells Fargo & Company MN Has $1.10 Million Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Wells Fargo & Company MN raised its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 27.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 16,543 shares of the company’s stock after purchasing an additional 3,603 shares during the period. Wells Fargo & Company MN’s holdings in Innovative Industrial Properties were worth $1,102,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Bogart Wealth LLC acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $27,000. Compass Financial Services Inc acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at about $32,000. Smartleaf Asset Management LLC increased its position in Innovative Industrial Properties by 182.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after acquiring an additional 417 shares during the period. Headlands Technologies LLC acquired a new stake in Innovative Industrial Properties in the 4th quarter worth about $50,000. Finally, Sierra Ocean LLC bought a new stake in Innovative Industrial Properties in the 4th quarter valued at about $77,000. 70.58% of the stock is owned by institutional investors.

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 dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the sale, the director now owns 1,346 shares in the company, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 1.50% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

IIPR has been the subject of several recent research reports. Wolfe Research initiated coverage on Innovative Industrial Properties in a research note on Wednesday, April 23rd. They issued an “outperform” rating and a $57.00 price target for the company. Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Piper Sandler dropped their price target on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a research note on Tuesday, April 15th. Roth Mkm reduced 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, Compass Point reissued a “sell” rating and issued a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and a consensus price target of $78.67.

Innovative Industrial Properties Price Performance

Shares of IIPR opened at $52.70 on Wednesday. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.49 billion, a PE ratio of 9.53 and a beta of 1.59. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-month high of $138.35. The business has a 50-day simple moving average of $60.80 and a two-hundred day simple moving average of $82.12.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. Analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.42%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

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.