Wealthfront Advisers LLC Invests $111,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Wealthfront Advisers LLC bought a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 1,669 shares of the company’s stock, valued at approximately $111,000.

A number of other large investors also recently made changes to their positions in the company. Pacer Advisors Inc. bought a new position in Innovative Industrial Properties during the 4th quarter worth $42,006,000. Wellington Management Group LLP increased its stake in Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after acquiring an additional 185,855 shares during the period. Cambiar Investors LLC increased its stake in Innovative Industrial Properties by 370.0% during the 4th quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock worth $7,216,000 after acquiring an additional 85,244 shares during the period. Bank of New York Mellon Corp increased its stake in Innovative Industrial Properties by 25.8% during the 4th quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock worth $25,233,000 after acquiring an additional 77,552 shares during the period. Finally, Empirical Asset Management LLC bought a new position in Innovative Industrial Properties during the 4th quarter worth $4,794,000. Institutional investors own 70.58% of the company’s stock.

Insiders Place Their Bets

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 1.50% of the company’s stock.

Innovative Industrial Properties Trading Down 7.6 %

NYSE IIPR opened at $64.36 on Tuesday. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a twelve month low of $62.45 and a twelve month high of $138.35. The company has a market cap of $1.82 billion, a price-to-earnings ratio of 11.64 and a beta of 1.49. The business’s fifty day moving average is $70.50 and its 200 day moving average is $98.77.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. The company had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. As a group, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 11.81%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties’s payout ratio is presently 137.43%.

Analyst Upgrades and Downgrades

IIPR has been the topic of a number of research analyst reports. Piper Sandler reduced their target price on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a report on Monday. Roth Mkm reduced their target price on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 21st. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and an average target price of $99.50.

About Innovative Industrial Properties

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.