Jupiter Asset Management Ltd. Raises Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Jupiter Asset Management Ltd. lifted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 12.4% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 177,766 shares of the company’s stock after acquiring an additional 19,546 shares during the quarter. Jupiter Asset Management Ltd. owned approximately 0.63% of Innovative Industrial Properties worth $11,846,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of IIPR. Bogart Wealth LLC bought a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $27,000. Canton Hathaway LLC bought a new position in shares of Innovative Industrial Properties during the third quarter valued at approximately $55,000. Loomis Sayles & Co. L P boosted its stake in shares of Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after purchasing an additional 407 shares in the last quarter. US Bancorp DE boosted its stake in shares of Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after purchasing an additional 189 shares in the last quarter. Finally, Compass Financial Services Inc bought a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $32,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on IIPR. Roth Mkm dropped their price objective 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. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Finally, Piper Sandler downgraded shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $118.00 to $70.00 in a research note on Friday, December 20th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $102.00.

Insider Buying and Selling

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 1.50% of the stock is currently owned by corporate insiders.

Innovative Industrial Properties Price Performance

Shares of IIPR opened at $70.87 on Thursday. The company has a 50 day moving average of $70.44 and a two-hundred day moving average of $100.35. The company has a market cap of $2.01 billion, a price-to-earnings ratio of 12.81 and a beta of 1.49. Innovative Industrial Properties, Inc. has a twelve month low of $62.45 and a twelve month 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.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.22. The business had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. As a group, analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a dividend of $1.90 per share. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 10.72%. 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.