Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Acquired by Secure Asset Management LLC

Secure Asset Management LLC lifted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 18.0% during the 4th quarter, HoldingsChannel.com reports. The firm owned 13,818 shares of the company’s stock after buying an additional 2,108 shares during the quarter. Secure Asset Management LLC’s holdings in Innovative Industrial Properties were worth $921,000 as of its most recent SEC filing.

A number of other hedge funds have also bought and sold shares of the company. Wellington Management Group LLP lifted its holdings in 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 last quarter. Charles Schwab Investment Management Inc. lifted its stake in Innovative Industrial Properties by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after purchasing an additional 10,711 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after purchasing an additional 45,779 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Innovative Industrial Properties by 17.5% during the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock valued at $31,928,000 after purchasing an additional 35,269 shares during the last quarter. Finally, Empirical Asset Management LLC acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $4,794,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

IIPR has been the subject of several research reports. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $118.00 to $70.00 in a research report on Friday, December 20th. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Finally, Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR opened at $68.12 on Friday. Innovative Industrial Properties, Inc. has a 12-month low of $62.45 and a 12-month high of $138.35. The company has a market cap of $1.93 billion, a PE ratio of 12.12 and a beta of 1.39. The stock has a 50 day simple moving average of $86.03 and a 200-day simple moving average of $110.79. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the prior year, the company earned $2.29 earnings per share. On average, equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 11.16%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

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.