Sigma Planning Corp Buys 6,015 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Sigma Planning Corp raised its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 95.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,291 shares of the company’s stock after buying an additional 6,015 shares during the period. Sigma Planning Corp’s holdings in Innovative Industrial Properties were worth $2,348,000 at the end of the most recent quarter.

Several other large investors also recently modified their holdings of the company. Bank of Montreal Can grew its holdings in shares of Innovative Industrial Properties by 1,526.8% during the 2nd quarter. Bank of Montreal Can now owns 242,561 shares of the company’s stock valued at $47,425,000 after purchasing an additional 227,651 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Innovative Industrial Properties by 3.5% during the 2nd quarter. Vanguard Group Inc. now owns 3,817,154 shares of the company’s stock valued at $729,152,000 after purchasing an additional 128,585 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Innovative Industrial Properties by 84.9% during the 1st quarter. JPMorgan Chase & Co. now owns 193,539 shares of the company’s stock valued at $34,867,000 after purchasing an additional 88,839 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Innovative Industrial Properties by 73.2% during the 1st quarter. Nuveen Asset Management LLC now owns 192,382 shares of the company’s stock valued at $34,659,000 after purchasing an additional 81,300 shares during the last quarter. Finally, Penserra Capital Management LLC grew its holdings in shares of Innovative Industrial Properties by 173.2% during the 1st quarter. Penserra Capital Management LLC now owns 92,474 shares of the company’s stock valued at $16,659,000 after purchasing an additional 58,629 shares during the last quarter. 74.88% of the stock is currently owned by hedge funds and other institutional investors.

In other news, CEO Paul E. Smithers sold 3,954 shares of Innovative Industrial Properties stock in a transaction that occurred on Wednesday, September 1st. The shares were sold at an average price of $249.00, for a total value of $984,546.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Scott Shoemaker sold 360 shares of Innovative Industrial Properties stock in a transaction that occurred on Wednesday, September 15th. The stock was sold at an average price of $233.00, for a total transaction of $83,880.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 10,484 shares of company stock valued at $1,944,507. 1.80% of the stock is owned by company insiders.

IIPR has been the subject of several analyst reports. Craig Hallum increased their price target on shares of Innovative Industrial Properties from $175.00 to $240.00 and gave the company a “hold” rating in a research report on Monday, August 9th. BTIG Research increased their price target on shares of Innovative Industrial Properties from $245.00 to $290.00 and gave the company a “buy” rating in a research report on Wednesday, September 1st. Wolfe Research initiated coverage on shares of Innovative Industrial Properties in a research report on Friday, July 2nd. They set an “outperform” rating and a $249.00 price target for the company. Roth Capital increased their price target on shares of Innovative Industrial Properties from $215.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, August 6th. Finally, Zacks Investment Research cut shares of Innovative Industrial Properties from a “hold” rating to a “sell” rating and set a $256.00 target price for the company. in a research report on Wednesday, October 6th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Buy” and a consensus target price of $246.88.

Shares of NYSE IIPR opened at $239.61 on Thursday. Innovative Industrial Properties, Inc. has a 1 year low of $112.25 and a 1 year high of $253.61. The stock has a market cap of $5.73 billion, a P/E ratio of 41.24 and a beta of 1.46. The firm has a 50-day moving average of $236.08 and a 200 day moving average of $205.85. The company has a debt-to-equity ratio of 0.29, a current ratio of 165.60 and a quick ratio of 165.60.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, August 4th. The company reported $1.17 earnings per share for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.35). The firm had revenue of $48.87 million for the quarter, compared to the consensus estimate of $46.21 million. Innovative Industrial Properties had a net margin of 58.72% and a return on equity of 6.64%. The firm’s revenue for the quarter was up 100.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.19 earnings per share. Research analysts expect that Innovative Industrial Properties, Inc. will post 6.45 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Thursday, September 30th will be paid a dividend of $1.50 per share. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a yield of 2.50%. The ex-dividend date is Wednesday, September 29th. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 120.00%.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New York, North Dakota, Ohio, and Pennsylvania.

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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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