Pacer Advisors Inc. decreased its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR – Free Report) by 20.2% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 115,965 shares of the company’s stock after selling 29,401 shares during the period. Pacer Advisors Inc.’s holdings in Innovative Industrial Properties were worth $5,492,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of IIPR. Sunbelt Securities Inc. lifted its holdings in shares of Innovative Industrial Properties by 25.6% during the fourth quarter. Sunbelt Securities Inc. now owns 25,760 shares of the company’s stock valued at $1,220,000 after acquiring an additional 5,245 shares during the period. Invesco Ltd. increased its position in shares of Innovative Industrial Properties by 12.1% during the 4th quarter. Invesco Ltd. now owns 493,507 shares of the company’s stock worth $23,372,000 after purchasing an additional 53,143 shares in the last quarter. Corient Private Wealth LLC increased its position in shares of Innovative Industrial Properties by 18.9% during the 4th quarter. Corient Private Wealth LLC now owns 5,358 shares of the company’s stock worth $260,000 after purchasing an additional 850 shares in the last quarter. NewEdge Advisors LLC lifted its holdings in Innovative Industrial Properties by 1,551.2% during the 4th quarter. NewEdge Advisors LLC now owns 2,130 shares of the company’s stock valued at $101,000 after purchasing an additional 2,001 shares during the last quarter. Finally, Millennium Management LLC lifted its holdings in Innovative Industrial Properties by 128.9% during the 4th quarter. Millennium Management LLC now owns 250,053 shares of the company’s stock valued at $11,843,000 after purchasing an additional 140,826 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.
Innovative Industrial Properties Stock Performance
Innovative Industrial Properties stock opened at $59.31 on Tuesday. The stock has a 50-day simple moving average of $56.44 and a 200 day simple moving average of $52.75. The company has a quick ratio of 6.06, a current ratio of 6.06 and a debt-to-equity ratio of 0.20. Innovative Industrial Properties, Inc. has a 12-month low of $44.58 and a 12-month high of $62.30. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of 15.17 and a beta of 1.42.
Innovative Industrial Properties Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 12.8%. The ex-dividend date is Tuesday, June 30th. Innovative Industrial Properties’s dividend payout ratio is presently 194.37%.
Wall Street Analysts Forecast Growth
A number of equities analysts have commented on the stock. Zacks Research lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Weiss Ratings raised Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Piper Sandler boosted their target price on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a report on Wednesday, February 25th. Finally, Compass Point upgraded Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price target on the stock in a research report on Tuesday, March 3rd. Four equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Innovative Industrial Properties presently has an average rating of “Reduce” and a consensus target price of $45.00.
Get Our Latest Stock Report on IIPR
Innovative Industrial Properties Profile
Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.
Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.
Further Reading
- Five stocks we like better than Innovative Industrial Properties
- Buy CrowdStrike Before the Stock Split? Here’s the Case
- Investors Are Buying Into Sweetgreen Again—Should They?
- Burlington Is Winning Over Shoppers But Investors Need Patience
- USA Today’s Digital Revival Is Gaining Steam, But With Plenty of Risk
Want to see what other hedge funds are holding IIPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Innovative Industrial Properties, Inc. (NYSE:IIPR – Free Report).
Receive News & Ratings for Innovative Industrial Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Innovative Industrial Properties and related companies with MarketBeat.com's FREE daily email newsletter.
