Great West Life Assurance Co. Can Makes New Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Great West Life Assurance Co. Can acquired a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 53,662 shares of the company’s stock, valued at approximately $4,757,000.

Other large investors have also recently bought and sold shares of the company. Van ECK Associates Corp raised its position in shares of Innovative Industrial Properties by 18.7% during the 2nd quarter. Van ECK Associates Corp now owns 2,519 shares of the company’s stock valued at $277,000 after acquiring an additional 396 shares during the last quarter. Vontobel Holding Ltd. raised its position in shares of Innovative Industrial Properties by 8.7% during the 2nd quarter. Vontobel Holding Ltd. now owns 2,135 shares of the company’s stock valued at $235,000 after acquiring an additional 171 shares during the last quarter. Northwest Wealth Management LLC raised its position in shares of Innovative Industrial Properties by 6.0% during the 2nd quarter. Northwest Wealth Management LLC now owns 1,965 shares of the company’s stock valued at $216,000 after acquiring an additional 112 shares during the last quarter. Baldwin Brothers LLC MA raised its position in shares of Innovative Industrial Properties by 92.3% during the 2nd quarter. Baldwin Brothers LLC MA now owns 625 shares of the company’s stock valued at $69,000 after acquiring an additional 300 shares during the last quarter. Finally, New York State Teachers Retirement System raised its position in shares of Innovative Industrial Properties by 17.3% during the 2nd quarter. New York State Teachers Retirement System now owns 54,021 shares of the company’s stock valued at $5,935,000 after acquiring an additional 7,964 shares during the last quarter. Institutional investors and hedge funds own 73.71% of the company’s stock.

Innovative Industrial Properties Stock Down 3.3 %

NYSE:IIPR opened at $89.03 on Monday. The stock has a 50-day simple moving average of $109.28 and a 200 day simple moving average of $101.65. Innovative Industrial Properties, Inc. has a 52-week low of $87.47 and a 52-week high of $211.17. The company has a market cap of $2.49 billion, a PE ratio of 17.12 and a beta of 1.63. The company has a debt-to-equity ratio of 0.15, a quick ratio of 24.10 and a current ratio of 24.10.

Innovative Industrial Properties (NYSE:IIPR – Get Rating) last issued its quarterly earnings results on Wednesday, November 2nd. The company reported $1.32 earnings per share for the quarter, missing the consensus estimate of $1.92 by ($0.60). The business had revenue of $70.88 million for the quarter, compared to the consensus estimate of $68.60 million. Innovative Industrial Properties had a return on equity of 7.92% and a net margin of 53.43%. On average, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 7.71 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Friday, December 30th were paid a dividend of $1.80 per share. The ex-dividend date of this dividend was Thursday, December 29th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 8.09%. Innovative Industrial Properties’s dividend payout ratio is 138.46%.

Analyst Ratings Changes

Several analysts have commented on the stock. Piper Sandler dropped their target price on shares of Innovative Industrial Properties from $135.00 to $117.00 and set an “overweight” rating for the company in a research report on Friday, October 7th. TheStreet upgraded shares of Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research report on Friday, December 9th. StockNews.com upgraded shares of Innovative Industrial Properties from a “sell” rating to a “hold” rating in a research report on Friday, November 11th. JMP Securities cut shares of Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a research report on Friday. Finally, Roth Capital lowered their price objective on shares of Innovative Industrial Properties from $190.00 to $170.00 in a research report on Wednesday, November 9th. Three analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $166.67.

Innovative Industrial Properties Company Profile

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Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and Washington.