Charles Schwab Investment Management Inc. Raises Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Charles Schwab Investment Management Inc. grew its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.6% during the fourth quarter, Holdings Channel reports. The institutional investor owned 464,553 shares of the company’s stock after purchasing an additional 7,179 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Innovative Industrial Properties were worth $30,958,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors have also recently made changes to their positions in the company. JPMorgan Chase & Co. lifted its holdings in Innovative Industrial Properties by 17.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after purchasing an additional 35,269 shares in the last quarter. Barclays PLC lifted its holdings in Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after purchasing an additional 31,295 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Innovative Industrial Properties by 31.9% during the 3rd quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock worth $7,133,000 after purchasing an additional 12,791 shares in the last quarter. TCW Group Inc. purchased a new stake in Innovative Industrial Properties during the 3rd quarter worth about $2,572,000. Finally, Pacer Advisors Inc. purchased a new stake in Innovative Industrial Properties during the 4th quarter worth about $42,006,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR opened at $69.64 on Monday. The stock has a market cap of $1.97 billion, a price-to-earnings ratio of 12.59 and a beta of 1.49. 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, Inc. has a 1-year low of $62.45 and a 1-year high of $138.35. The stock’s 50-day moving average is $70.56 and its 200 day moving average is $99.19.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.22. The company had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. On average, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS 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. Investors 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 dividend on an annualized basis and a dividend yield of 10.91%. Innovative Industrial Properties’s dividend payout ratio is 137.43%.

Insider Activity at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the firm’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 transaction of $536,109.45. Following the transaction, the director now directly owns 1,346 shares in the company, valued at $94,960.30. This trade represents a 84.95 % decrease in their position. 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 currently owned by insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on IIPR shares. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price target for the company from $125.00 to $78.00 in a report on Friday, December 20th. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Roth Mkm lowered their price target 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. Finally, BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $102.00.

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.