Bank of Montreal Can reduced its stake in shares of Innovative Industrial Properties, Inc. (NYSE: IIPR – Get Rating) by 96.9% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 8,343 shares of the company stock after selling 259,103 shares during the quarter. Bank of Montreal Can’s holdings in Innovative Industrial Properties were worth $ 2,202,000 at the end of the most recent reporting period.
Several other hedge funds also recently made changes to their positions in the company. AdvisorShares Investments LLC lifted its holdings in Innovative Industrial Properties by 26.5% during the fourth quarter. AdvisorShares Investments LLC now owns 516,401 shares of the company stock worth $ 135,767,000 after acquiring an additional 108,104 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Innovative Industrial Properties by 8.6% during the third quarter. Wellington Management Group LLP now owns 252,469 shares of the company stock worth $ 58,364,000 after purchasing an additional 19,939 shares during the period. Massachusetts Financial Services Co. MA grew its position in shares of Innovative Industrial Properties by 1.3% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 243,072 shares of the company stock valued at $ 63,906,000 after purchasing an additional 3,125 shares during the period. Morgan Stanley grew its position in shares of Innovative Industrial Properties by 18.2% in the 2nd quarter. Morgan Stanley now owns 215,594 shares of the company stock valued at $ 41,181,000 after purchasing an additional 33,134 shares during the period. Finally, Strs Ohio raised its holdings in Innovative Industrial Properties by 12.7% during the 4th quarter. Strs Ohio now owns 92,400 shares of the company stock worth $ 24,292,000 after buying an additional 10,400 shares during the period. 66.91% of the stock is owned by institutional investors.
IIPR has been the subject of a number of research analyst reports. BTIG Research reaffirmed a “buy” rating and issued a $ 290.00 target price on shares of Innovative Industrial Properties in a research note on Friday, April 1st. Zacks Investment Research upgraded Innovative Industrial Properties from a “sell” rating to a “hold” rating in a research note on Monday, April 25th. Craig Hallum raised shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $ 175.00 price target for the company in a research note on Monday, May 9th. JMP Securities reduced their target price on shares of Innovative Industrial Properties from $ 300.00 to $ 190.00 and set a “buy” rating for the company in a research report on Thursday. Finally, StockNews.com began coverage on shares of Innovative Industrial Properties in a research report on Thursday, March 31st. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat, Innovative Industrial Properties presently has an average rating of “Buy” and a consensus target price of $ 241.43.
In related news, Director Gary A. Kreitzer sold 2,200 shares of the firm’s stock in a transaction dated Thursday, March 10th. The shares were sold at an average price of $ 31.52, for a total transaction of $ 69,344.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Gary A. Kreitzer sold 1,104 shares of Innovative Industrial Properties stock in a transaction dated Monday, March 14th. The stock was sold at an average price of $ 31.05, for a total transaction of $ 34,279.20. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.
IIPR stock opened at $ 133.58 on Friday. Innovative Industrial Properties, Inc. has a 1-year low of $ 121.03 and a 1-year high of $ 288.02. The business’s 50 day simple moving average is $ 155.69 and its 200 day simple moving average is $ 196.22. The company has a current ratio of 28.15, a quick ratio of 28.15 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $ 3.74 billion, a PE ratio of 27.66 and a beta of 1.78.
Innovative Industrial Properties (NYSE: IIPR – Get Rating) last issued its quarterly earnings data on Wednesday, May 4th. The company reported $ 1.32 earnings per share for the quarter, missing the consensus estimate of $ 1.93 by ($ 0.61). Innovative Industrial Properties had a net margin of 54.43% and a return on equity of 7.91%. The company had revenue of $ 64.50 million during the quarter, compared to the estimate consensus of $ 63.19 million. During the same period in the previous year, the company earned $ 1.47 earnings per share. Innovative Industrial Properties’s revenue for the quarter was up 50.4% compared to the same quarter last year. As a group, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 7.8 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, April 14th. Stockholders of record on Thursday, March 31st were issued a dividend of $ 1.75 per share. This represents a $ 7.00 dividend on an annualized basis and a dividend yield of 5.24%. The ex-dividend date of this dividend was Wednesday, March 30th. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $ 1.50. Innovative Industrial Properties’s payout ratio is currently 144.93%.
Innovative Industrial Properties Profile: (Get Rating)
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 medical-use cannabis facilities. Innovative Industrial Properties, Inc has been elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.
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