Price T Rowe Associates Inc. MD Grows Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Price T Rowe Associates Inc. MD increased its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 9.8% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 24,519 shares of the company’s stock after purchasing an additional 2,180 shares during the period. Price T Rowe Associates Inc. MD’s holdings in Innovative Industrial Properties were worth $1,634,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. Bogart Wealth LLC purchased a new position in Innovative Industrial Properties in the 4th quarter worth $27,000. Compass Financial Services Inc purchased a new position in shares of Innovative Industrial Properties in the 4th quarter valued at approximately $32,000. Smartleaf Asset Management LLC boosted its holdings in shares of Innovative Industrial Properties by 182.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock valued at $43,000 after buying an additional 417 shares in the last quarter. Headlands Technologies LLC bought a new stake in Innovative Industrial Properties during the fourth quarter worth about $50,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new stake in shares of Innovative Industrial Properties in the 4th quarter worth approximately $57,000. Institutional investors own 70.58% of the company’s stock.

Insider Buying and Selling

In related news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction dated 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 of the company’s stock, valued at approximately $94,960.30. This represents a 84.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 1.50% of the stock is currently owned by insiders.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock opened at $55.57 on Friday. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35. The company has a 50-day simple moving average of $58.28 and a two-hundred day simple moving average of $78.68. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The company has a market capitalization of $1.56 billion, a PE ratio of 10.05 and a beta of 1.73.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company had revenue of $71.72 million for the quarter, compared to analysts’ expectations of $72.20 million. During the same period last year, the firm earned $2.21 earnings per share. Innovative Industrial Properties’s quarterly revenue was down 5.7% compared to the same quarter last year. Research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $1.90 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a yield of 13.68%. Innovative Industrial Properties’s payout ratio is 146.15%.

Wall Street Analyst Weigh In

IIPR has been the subject of several analyst reports. Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Wolfe Research assumed coverage on shares of Innovative Industrial Properties in a research report on Wednesday, April 23rd. They set an “outperform” rating and a $57.00 price target for the company. Compass Point restated a “sell” rating and issued a $50.00 price objective (down from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Roth Mkm decreased their target price 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. Finally, Piper Sandler lowered their price objective on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a research report on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, four have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and an average 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.