Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Bought by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 46.7% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 15,232 shares of the company’s stock after buying an additional 4,849 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Innovative Industrial Properties were worth $1,015,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Roberts Glore & Co. Inc. IL lifted its position in Innovative Industrial Properties by 4.6% during the 4th quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company’s stock worth $261,000 after acquiring an additional 172 shares during the period. Baader Bank Aktiengesellschaft raised its stake in shares of Innovative Industrial Properties by 3.6% during the fourth quarter. Baader Bank Aktiengesellschaft now owns 5,700 shares of the company’s stock worth $378,000 after purchasing an additional 200 shares during the last quarter. KBC Group NV lifted its holdings in shares of Innovative Industrial Properties by 28.2% during the third quarter. KBC Group NV now owns 940 shares of the company’s stock worth $127,000 after purchasing an additional 207 shares during the period. Captrust Financial Advisors grew its position in Innovative Industrial Properties by 11.6% in the 3rd quarter. Captrust Financial Advisors now owns 2,050 shares of the company’s stock valued at $276,000 after buying an additional 213 shares during the last quarter. Finally, Penserra Capital Management LLC increased its stake in Innovative Industrial Properties by 1.0% in the 3rd quarter. Penserra Capital Management LLC now owns 26,672 shares of the company’s stock valued at $3,589,000 after buying an additional 272 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on IIPR shares. Compass Point lowered their target price on shares of Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating on the stock in a report on Tuesday. Roth Mkm lowered their price objective 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. Industrial Alliance Securities set a $60.00 target price on Innovative Industrial Properties in a research note on Tuesday. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Piper Sandler lowered their target price on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a research report on Monday. One investment 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 stock currently has an average rating of “Hold” and an average price target of $88.00.

Insider Buying and Selling at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the transaction, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.50% of the stock is owned by insiders.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $63.90 on Thursday. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The company’s 50-day moving average price is $70.45 and its 200 day moving average price is $98.12. Innovative Industrial Properties, Inc. has a 52 week low of $62.45 and a 52 week high of $138.35. The stock has a market cap of $1.81 billion, a price-to-earnings ratio of 11.55 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. As a group, research analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 11.89%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties’s payout ratio is 137.43%.

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.