D. E. Shaw & Co. Inc. Boosts Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

D. E. Shaw & Co. Inc. raised its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 86.2% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 112,868 shares of the company’s stock after acquiring an additional 52,266 shares during the period. D. E. Shaw & Co. Inc.’s holdings in Innovative Industrial Properties were worth $7,522,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in IIPR. Pacer Advisors Inc. bought a new stake in Innovative Industrial Properties during the fourth quarter worth about $42,006,000. Norges Bank bought a new stake in Innovative Industrial Properties during the fourth quarter worth about $22,635,000. Balyasny Asset Management L.P. bought a new stake in Innovative Industrial Properties during the fourth quarter worth about $9,615,000. Cambiar Investors LLC lifted its stake in Innovative Industrial Properties by 370.0% during the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock worth $7,216,000 after purchasing an additional 85,244 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in Innovative Industrial Properties by 25.8% during the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock worth $25,233,000 after purchasing an additional 77,552 shares during the last quarter. 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 company’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 owns 1,346 shares in the company, valued at approximately $94,960.30. This represents a 84.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.50% of the company’s stock.

Innovative Industrial Properties Stock Up 0.1%

Shares of NYSE:IIPR opened at $55.40 on Friday. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $138.35. The company has a market cap of $1.55 billion, a PE ratio of 10.02 and a beta of 1.73. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The stock’s 50-day moving average is $56.59 and its 200 day moving average is $76.02.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business had revenue of $71.72 million for the quarter, compared to analysts’ expectations of $72.20 million. During the same quarter in the prior year, the firm earned $2.21 EPS. The firm’s revenue for the quarter was down 5.7% on a year-over-year basis. Sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a yield of 13.72%. Innovative Industrial Properties’s dividend payout ratio is presently 146.15%.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on IIPR. Roth Mkm lowered their target price on 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. Compass Point reissued a “sell” rating and issued a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Wolfe Research began coverage on Innovative Industrial Properties in a research note on Wednesday, April 23rd. They issued an “outperform” rating and a $57.00 target price for the company. Piper Sandler lowered their target price on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a research note on Tuesday, April 15th. Finally, Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. 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 issued a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average 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.