The Manufacturers Life Insurance Company Raises Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

The Manufacturers Life Insurance Company increased its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 4.6% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,174 shares of the company’s stock after purchasing an additional 1,068 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.09% of Innovative Industrial Properties worth $1,611,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in IIPR. Pacer Advisors Inc. purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter worth $42,006,000. Norges Bank purchased a new stake in Innovative Industrial Properties in the fourth quarter valued at about $22,635,000. Cambiar Investors LLC raised its stake in Innovative Industrial Properties by 370.0% in the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock valued at $7,216,000 after buying an additional 85,244 shares during the last quarter. Bank of New York Mellon Corp raised its stake in Innovative Industrial Properties by 25.8% in the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock valued at $25,233,000 after buying an additional 77,552 shares during the last quarter. Finally, Empirical Asset Management LLC purchased a new stake in Innovative Industrial Properties in the fourth quarter valued at about $4,794,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the firm’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 of the company’s stock, valued at $94,960.30. This trade represents a 84.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is owned by insiders.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock opened at $54.58 on Monday. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35. The company has a market cap of $1.53 billion, a price-to-earnings ratio of 9.87 and a beta of 1.73. 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 business’s 50 day moving average price is $57.95 and its 200 day moving average price is $77.38.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.12). Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $71.72 million for the quarter, compared to analysts’ expectations of $72.20 million. During the same quarter in the previous year, the business posted $2.21 EPS. The business’s quarterly revenue was down 5.7% compared to the same quarter last year. On average, research analysts predict 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 was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $1.90 per share. The ex-dividend date was Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 13.92%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 146.15%.

Analyst Ratings Changes

A number of brokerages have recently weighed in on IIPR. Roth Mkm cut their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Wolfe Research began coverage on Innovative Industrial Properties in a report on Wednesday, April 23rd. They set an “outperform” rating and a $57.00 target price on the stock. Piper Sandler lowered their price target on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a research report on Tuesday, April 15th. Compass Point reiterated a “sell” rating and set a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Finally, Industrial Alliance Securities reiterated a “neutral” rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $78.67.

About Innovative Industrial Properties

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.