Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Bought by Northern Trust Corp

Northern Trust Corp boosted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 20.6% during the 4th quarter, Holdings Channel reports. The institutional investor owned 435,879 shares of the company’s stock after acquiring an additional 74,342 shares during the period. Northern Trust Corp’s holdings in Innovative Industrial Properties were worth $29,047,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Bogart Wealth LLC acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at about $27,000. Compass Financial Services Inc purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth about $32,000. Smartleaf Asset Management LLC lifted its stake in shares of Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after buying an additional 417 shares in the last quarter. Headlands Technologies LLC purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth about $50,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth about $57,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

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 shares were 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 represents a 84.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. 1.50% of the stock is owned by corporate insiders.

Innovative Industrial Properties Stock Down 1.9%

Shares of Innovative Industrial Properties stock opened at $54.58 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. 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 P/E ratio of 9.87 and a beta of 1.73. The firm has a fifty day moving average of $57.95 and a two-hundred day moving average of $77.38.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share 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 analyst estimates of $72.20 million. During the same period last year, the company earned $2.21 earnings per share. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. On average, analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared 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 dividend yield of 13.92%. Innovative Industrial Properties’s dividend payout ratio is currently 146.15%.

Analysts Set New Price Targets

A number of brokerages have commented on IIPR. Compass Point reaffirmed a “sell” rating and set a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Industrial Alliance Securities reaffirmed a “neutral” rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Wolfe Research began coverage on shares of Innovative Industrial Properties in a research note on Wednesday, April 23rd. They set an “outperform” rating and a $57.00 target price on the stock. Roth Mkm reduced their price target 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, Piper Sandler reduced their price target on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties currently has an average rating of “Hold” and a consensus target price of $78.67.

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.