RD Lewis Holdings Inc. Acquires Shares of 15,046 Innovative Industrial Properties, Inc. (NYSE:IIPR)

RD Lewis Holdings Inc. acquired a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 15,046 shares of the company’s stock, valued at approximately $1,106,000. Innovative Industrial Properties comprises about 1.3% of RD Lewis Holdings Inc.’s holdings, making the stock its 27th largest holding. RD Lewis Holdings Inc. owned about 0.05% of Innovative Industrial Properties at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Bogart Wealth LLC purchased a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $27,000. Canton Hathaway LLC acquired a new stake in shares of Innovative Industrial Properties during the third quarter worth about $55,000. Loomis Sayles & Co. L P raised its holdings in 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 worth $57,000 after purchasing an additional 407 shares in the last quarter. US Bancorp DE raised its holdings in Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after purchasing an additional 189 shares in the last quarter. Finally, Compass Financial Services Inc purchased a new position in Innovative Industrial Properties in the fourth quarter valued at about $32,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Down 7.6 %

IIPR stock opened at $64.36 on Tuesday. Innovative Industrial Properties, Inc. has a 52-week low of $62.45 and a 52-week high of $138.35. The company’s 50 day simple moving average is $70.50 and its 200-day simple moving average is $98.77. 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 firm has a market capitalization of $1.82 billion, a P/E ratio of 11.64 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting the consensus estimate of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. As a group, equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.81%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties’s payout ratio is 137.43%.

Insider Transactions at Innovative Industrial Properties

In other 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 owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 1.50% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms have recently commented on IIPR. Piper Sandler lowered their price target on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a research report on Monday. Roth Mkm decreased 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 report on Friday, February 21st. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. Finally, 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. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $99.50.

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.