Point72 Asia Singapore Pte. Ltd. Makes New Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the fourth quarter, HoldingsChannel reports. The institutional investor purchased 840 shares of the company’s stock, valued at approximately $56,000.

Several other institutional investors and hedge funds also recently made changes to their positions in IIPR. Barclays PLC lifted its stake in Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock valued at $6,459,000 after acquiring an additional 31,295 shares during the period. SG Americas Securities LLC raised its holdings in shares of Innovative Industrial Properties by 551.6% during the fourth quarter. SG Americas Securities LLC now owns 7,519 shares of the company’s stock valued at $501,000 after purchasing an additional 6,365 shares during the last quarter. Secure Asset Management LLC lifted its position in Innovative Industrial Properties by 18.0% during the fourth quarter. Secure Asset Management LLC now owns 13,818 shares of the company’s stock valued at $921,000 after purchasing an additional 2,108 shares during the period. Blue Trust Inc. boosted its holdings in Innovative Industrial Properties by 30.5% in the fourth quarter. Blue Trust Inc. now owns 1,661 shares of the company’s stock worth $111,000 after purchasing an additional 388 shares during the last quarter. Finally, KBC Group NV grew its position in Innovative Industrial Properties by 37.1% in the 4th quarter. KBC Group NV now owns 1,289 shares of the company’s stock worth $86,000 after purchasing an additional 349 shares during the period. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Up 2.9%

NYSE IIPR opened at $57.04 on Monday. Innovative Industrial Properties, Inc. has a 52 week low of $45.44 and a 52 week high of $138.35. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.60 billion, a P/E ratio of 10.31 and a beta of 1.73. The stock’s 50-day moving average price is $56.29 and its 200-day moving average price is $74.72.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, May 7th. The company reported $1.94 EPS 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 firm had revenue of $71.72 million for the quarter, compared to the consensus estimate of $72.20 million. During the same quarter in the previous year, the business posted $2.21 EPS. Innovative Industrial Properties’s revenue was down 5.7% on a year-over-year basis. On average, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 13.32%. Innovative Industrial Properties’s payout ratio is 146.15%.

Insider Buying and Selling

In related news, Director David Stecher sold 7,599 shares of the business’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 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. The trade was a 84.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 2.00% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on IIPR. 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. Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Compass Point reaffirmed a “sell” rating and set a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Wolfe Research started coverage on shares of Innovative Industrial Properties in a report on Wednesday, April 23rd. They issued an “outperform” rating and a $57.00 price objective on the stock. Finally, Piper Sandler reduced their target price on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a report 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 given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $78.67.

Innovative Industrial Properties 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.