Quantbot Technologies LP Boosts Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Quantbot Technologies LP boosted its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 7.5% during the 4th quarter, HoldingsChannel.com reports. The fund owned 8,636 shares of the company’s stock after purchasing an additional 604 shares during the period. Quantbot Technologies LP’s holdings in Innovative Industrial Properties were worth $576,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. bought a new stake in shares of Innovative Industrial Properties in the 4th quarter worth approximately $42,006,000. Wellington Management Group LLP increased its position in Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after buying an additional 185,855 shares during the last quarter. Cambiar Investors LLC raised its stake in shares of 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 period. Bank of New York Mellon Corp lifted its position in shares of Innovative Industrial Properties by 25.8% during the 4th 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 bought a new position in shares of Innovative Industrial Properties during the 4th quarter worth $4,794,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

IIPR has been the topic of a number of research reports. Piper Sandler lowered their price objective on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a research note on Monday, March 17th. Industrial Alliance Securities set a $60.00 price target on shares of Innovative Industrial Properties in a research report on Tuesday, March 18th. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. 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. Finally, BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $88.00.

Insider Transactions at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, March 3rd. The shares were 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 directly owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.50% of the stock is owned by insiders.

Innovative Industrial Properties Stock Up 0.1 %

Shares of NYSE:IIPR opened at $65.08 on Friday. The firm has a fifty day moving average price of $70.35 and a two-hundred day moving average price of $95.89. The company has a market cap of $1.84 billion, a price-to-earnings ratio of 11.77 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. Innovative Industrial Properties, Inc. has a one year low of $61.72 and a one year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $76.21 million. Analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given 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 11.68%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 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.