Raymond James Financial Inc. Takes $567,000 Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Raymond James Financial Inc. purchased a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 8,514 shares of the company’s stock, valued at approximately $567,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Bogart Wealth LLC bought a new stake in Innovative Industrial Properties during the 4th quarter valued at $27,000. Compass Financial Services Inc bought a new position in shares of Innovative Industrial Properties during the 4th quarter worth $32,000. Smartleaf Asset Management LLC increased its stake in shares of 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 buying an additional 417 shares during the period. Sierra Ocean LLC bought a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at about $77,000. Finally, Principal Securities Inc. lifted its stake in Innovative Industrial Properties by 31.1% in the fourth quarter. Principal Securities Inc. now owns 1,192 shares of the company’s stock worth $79,000 after acquiring an additional 283 shares during the period. Institutional investors own 70.58% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Industrial Alliance Securities restated a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Roth Mkm reduced their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Alliance Global Partners lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Finally, Piper Sandler decreased their price objective on Innovative Industrial Properties from $60.00 to $55.00 and set an “underweight” rating for the company in a research note on Monday, March 31st. Two equities research analysts have 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 company. Based on data from MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Hold” and an average price target of $85.00.

Insiders Place Their Bets

In other news, Director David Stecher sold 7,599 shares of the 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 transaction, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.50% of the company’s stock.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $52.18 on Tuesday. The firm’s fifty day simple moving average is $68.57 and its two-hundred day simple moving average is $91.76. The firm has a market capitalization of $1.48 billion, a P/E ratio of 9.44 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, Inc. has a 12-month low of $49.51 and a 12-month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting 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 firm had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. Analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid 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 yield of 14.56%. Innovative Industrial Properties’s payout ratio is 137.43%.

Innovative Industrial Properties Company 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.