Allianz Asset Management GmbH Has $1.44 Million Stock Position in Innovative Industrial Properties, Inc. $IIPR

Allianz Asset Management GmbH raised its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 71.6% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 26,861 shares of the company’s stock after buying an additional 11,206 shares during the quarter. Allianz Asset Management GmbH’s holdings in Innovative Industrial Properties were worth $1,439,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of IIPR. West Oak Capital LLC bought a new position in Innovative Industrial Properties during the third quarter worth $27,000. Headlands Technologies LLC grew its position in Innovative Industrial Properties by 109.4% in the 2nd quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock worth $42,000 after purchasing an additional 396 shares during the last quarter. Pilgrim Partners Asia Pte Ltd bought a new position in shares of Innovative Industrial Properties during the 3rd quarter worth about $53,000. Farther Finance Advisors LLC increased its holdings in shares of Innovative Industrial Properties by 77.5% during the 3rd quarter. Farther Finance Advisors LLC now owns 1,390 shares of the company’s stock worth $74,000 after purchasing an additional 607 shares during the period. Finally, Allworth Financial LP raised its position in shares of Innovative Industrial Properties by 3,578.3% during the second quarter. Allworth Financial LP now owns 1,692 shares of the company’s stock valued at $93,000 after buying an additional 1,646 shares during the last quarter. 70.58% of the stock is owned by institutional investors.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, CFO David Jon Smith bought 600 shares of the company’s stock in a transaction on Thursday, November 20th. The stock was bought at an average price of $45.90 per share, for a total transaction of $27,540.00. Following the transaction, the chief financial officer owned 600 shares of the company’s stock, valued at approximately $27,540. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Alan D. Gold purchased 2,600 shares of the business’s stock in a transaction dated Monday, November 24th. The stock was bought at an average cost of $49.09 per share, for a total transaction of $127,634.00. Following the purchase, the chairman owned 2,600 shares in the company, valued at $127,634. This trade represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. Insiders purchased 4,200 shares of company stock worth $201,434 over the last 90 days. 2.00% of the stock is currently owned by company insiders.

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $45.99 on Friday. The firm has a market cap of $1.29 billion, a price-to-earnings ratio of 10.90 and a beta of 1.47. Innovative Industrial Properties, Inc. has a 12 month low of $44.58 and a 12 month high of $75.71. The company has a quick ratio of 2.75, a current ratio of 2.75 and a debt-to-equity ratio of 0.19. The stock has a 50-day moving average price of $50.26 and a 200 day moving average price of $51.94.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 16.5%. The ex-dividend date of this dividend was Wednesday, December 31st. Innovative Industrial Properties’s payout ratio is 180.09%.

Analysts Set New Price Targets

IIPR has been the topic of several recent analyst reports. Weiss Ratings downgraded shares of Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, January 28th. Piper Sandler upped their price objective on shares of Innovative Industrial Properties from $43.00 to $44.00 and gave the stock an “underweight” rating in a research note on Wednesday, November 5th. One equities research analyst has rated the stock with a Buy rating, two have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Reduce” and an average target price of $68.20.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.