Commonwealth of Pennsylvania Public School Empls Retrmt SYS Purchases 4,212 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 38.5% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 15,161 shares of the company’s stock after purchasing an additional 4,212 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Innovative Industrial Properties were worth $1,010,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the company. Pacer Advisors Inc. acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at $42,006,000. Wellington Management Group LLP boosted its holdings in shares of Innovative Industrial Properties by 48.6% during the 3rd 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 period. Cambiar Investors LLC boosted its holdings in shares of Innovative Industrial Properties by 370.0% during the 4th quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock worth $7,216,000 after buying an additional 85,244 shares during the period. Bank of New York Mellon Corp grew its stake in Innovative Industrial Properties by 25.8% in 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 Innovative Industrial Properties in the 4th quarter valued at about $4,794,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Trading Up 0.0 %

IIPR opened at $64.88 on Thursday. 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, Inc. has a twelve month low of $61.72 and a twelve month high of $138.35. The stock has a market capitalization of $1.84 billion, a price-to-earnings ratio of 11.73 and a beta of 1.49. The company has a 50-day simple moving average of $70.39 and a 200 day simple moving average of $96.10.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting 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 firm had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. Analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 11.71%. 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 Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction 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 sale, 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 SEC, which can be accessed through the SEC website. Company insiders own 1.50% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on IIPR. Roth Mkm reduced their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, February 21st. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Compass Point dropped their target price on Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating for the company in a report on Tuesday, March 18th. 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. Finally, Industrial Alliance Securities set a $60.00 price objective on shares of Innovative Industrial Properties in a research note on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Innovative Industrial Properties has an average rating of “Hold” and a consensus price target of $88.00.

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.