AXS Investments LLC lifted its position in Innovative Industrial Properties, Inc. (NYSE:IIPR – Free Report) by 5.8% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 16,925 shares of the company’s stock after purchasing an additional 923 shares during the quarter. AXS Investments LLC owned about 0.06% of Innovative Industrial Properties worth $1,236,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently modified their holdings of the company. WealthPLAN Partners LLC purchased a new position in Innovative Industrial Properties during the first quarter worth about $25,000. Independence Bank of Kentucky purchased a new position in Innovative Industrial Properties during the second quarter worth about $26,000. Fifth Third Bancorp boosted its stake in Innovative Industrial Properties by 177.8% during the second quarter. Fifth Third Bancorp now owns 375 shares of the company’s stock worth $27,000 after buying an additional 240 shares during the period. Lazard Asset Management LLC boosted its stake in Innovative Industrial Properties by 112.9% during the first quarter. Lazard Asset Management LLC now owns 396 shares of the company’s stock worth $81,000 after buying an additional 210 shares during the period. Finally, MRP Capital Investments LLC purchased a new position in shares of Innovative Industrial Properties in the first quarter valued at approximately $32,000. Hedge funds and other institutional investors own 69.52% of the company’s stock.
Wall Street Analyst Weigh In
IIPR has been the subject of several recent research reports. Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and set a $95.00 price objective for the company. in a research note on Tuesday, September 5th. Piper Sandler raised their price objective on shares of Innovative Industrial Properties from $80.00 to $85.00 and gave the company a “neutral” rating in a research note on Monday, November 6th. Finally, StockNews.com initiated coverage on shares of Innovative Industrial Properties in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Five investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $109.75.
Innovative Industrial Properties Stock Performance
Shares of IIPR stock traded up $0.53 during trading hours on Friday, hitting $78.71. The stock had a trading volume of 166,850 shares, compared to its average volume of 293,799. The company has a debt-to-equity ratio of 0.16, a current ratio of 11.66 and a quick ratio of 11.66. The firm has a market capitalization of $2.21 billion, a PE ratio of 13.62 and a beta of 1.56. The stock’s 50 day moving average is $77.46 and its 200 day moving average is $75.92. Innovative Industrial Properties, Inc. has a twelve month low of $63.36 and a twelve month high of $125.38.
Innovative Industrial Properties Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, October 13th. Stockholders of record on Friday, September 29th were paid a dividend of $1.80 per share. The ex-dividend date was Thursday, September 28th. This represents a $7.20 annualized dividend and a dividend yield of 9.15%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 124.57%.
Insider Buying and Selling
In other Innovative Industrial Properties news, Director David Stecher sold 2,500 shares of the company’s 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 completion of the sale, the director now directly owns 7,529 shares of the company’s stock, valued at approximately $607,966.75. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 1.40% of the company’s stock.
Innovative Industrial Properties Company 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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