Cambria Investment Management L.P. decreased its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR – Free Report) by 2.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 7,140 shares of the company’s stock after selling 204 shares during the period. Cambria Investment Management L.P.’s holdings in Innovative Industrial Properties were worth $521,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Private Advisor Group LLC lifted its holdings in Innovative Industrial Properties by 41.5% in the first quarter. Private Advisor Group LLC now owns 2,344 shares of the company’s stock valued at $481,000 after acquiring an additional 687 shares during the last quarter. Bank of Montreal Can raised its position in Innovative Industrial Properties by 8.1% in the first quarter. Bank of Montreal Can now owns 9,019 shares of the company’s stock valued at $1,893,000 after purchasing an additional 676 shares during the period. MetLife Investment Management LLC boosted its position in shares of Innovative Industrial Properties by 55.5% during the first quarter. MetLife Investment Management LLC now owns 12,587 shares of the company’s stock worth $2,585,000 after buying an additional 4,492 shares during the period. Rhumbline Advisers raised its holdings in shares of Innovative Industrial Properties by 8.2% in the 1st quarter. Rhumbline Advisers now owns 64,743 shares of the company’s stock valued at $13,298,000 after buying an additional 4,898 shares during the period. Finally, Great West Life Assurance Co. Can increased its stake in Innovative Industrial Properties by 6.5% during the first quarter. Great West Life Assurance Co. Can now owns 42,089 shares of the company’s stock worth $8,914,000 after purchasing an additional 2,556 shares during the period. 69.52% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts recently weighed in on IIPR shares. Piper Sandler upped their target price on shares of Innovative Industrial Properties from $80.00 to $85.00 and gave the stock a “neutral” rating in a research note on Monday, November 6th. StockNews.com began coverage on Innovative Industrial Properties in a research report on Thursday, October 5th. They issued a “hold” rating on the stock. Finally, Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and set a $95.00 target price on the stock. in a research note on Tuesday, September 5th. Five equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $109.75.
Innovative Industrial Properties Stock Down 3.1 %
IIPR stock opened at $78.18 on Friday. The company’s 50 day moving average is $77.66 and its two-hundred day moving average is $75.85. Innovative Industrial Properties, Inc. has a twelve month low of $63.36 and a twelve month high of $125.38. The company has a current ratio of 11.66, a quick ratio of 11.66 and a debt-to-equity ratio of 0.16. The stock has a market cap of $2.19 billion, a P/E ratio of 13.53 and a beta of 1.56.
Innovative Industrial Properties Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were paid a $1.80 dividend. The ex-dividend date was Thursday, September 28th. This represents a $7.20 annualized dividend and a yield of 9.21%. Innovative Industrial Properties’s dividend payout ratio is presently 124.57%.
Insider Transactions at Innovative Industrial Properties
In other Innovative Industrial Properties news, Director David Stecher sold 2,500 shares of Innovative Industrial Properties stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $80.75, for a total transaction of $201,875.00. Following the transaction, the director now owns 7,529 shares of the company’s stock, valued at $607,966.75. The transaction was disclosed in a filing with the SEC, which is available at this link. Insiders own 1.40% of the company’s stock.
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.
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