Wolff Wiese Magana LLC bought a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor bought 3,376 shares of the company’s stock, valued at approximately $371,000.
Several other institutional investors and hedge funds have also bought and sold shares of IIPR. Tcwp LLC bought a new stake in Innovative Industrial Properties in the first quarter valued at approximately $26,000. Joseph P. Lucia & Associates LLC bought a new stake in Innovative Industrial Properties in the first quarter valued at approximately $31,000. Cornerstone Advisory LLC bought a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $35,000. Curi Wealth Management LLC bought a new position in shares of Innovative Industrial Properties during the first quarter worth approximately $41,000. Finally, Cordasco Financial Network increased its stake in shares of Innovative Industrial Properties by 100.0% during the second quarter. Cordasco Financial Network now owns 400 shares of the company’s stock worth $44,000 after purchasing an additional 200 shares during the period. Institutional investors own 76.07% of the company’s stock.
Insider Activity at Innovative Industrial Properties
In other news, Chairman Alan D. Gold bought 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 10th. The stock was acquired at an average cost of $94.22 per share, with a total value of $94,220.00. Following the transaction, the chairman now directly owns 212,308 shares of the company’s stock, valued at approximately $20,003,659.76. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 1.50% of the stock is currently owned by corporate insiders.
Innovative Industrial Properties Trading Down 2.7 %
Innovative Industrial Properties (NYSE:IIPR – Get Rating) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $1.42 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.86 by ($0.44). The business had revenue of $70.51 million during the quarter, compared to analyst estimates of $68.50 million. Innovative Industrial Properties had a net margin of 54.07% and a return on equity of 8.01%. As a group, equities analysts forecast that Innovative Industrial Properties, Inc. will post 7.82 EPS for the current fiscal year.
Innovative Industrial Properties Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a $1.80 dividend. This represents a $7.20 dividend on an annualized basis and a yield of 7.85%. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $1.75. The ex-dividend date is Thursday, September 29th. Innovative Industrial Properties’s payout ratio is presently 137.80%.
Wall Street Analysts Forecast Growth
A number of equities research analysts recently issued reports on the company. TheStreet downgraded Innovative Industrial Properties from a “b-” rating to a “c+” rating in a research report on Monday, July 25th. Wolfe Research downgraded Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a research report on Tuesday, July 19th. Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and increased their price target for the stock from $100.00 to $175.00 in a research report on Monday. Piper Sandler reduced their price target on Innovative Industrial Properties from $160.00 to $135.00 and set an “overweight” rating on the stock in a research report on Monday, August 8th. Finally, JMP Securities reduced their price target on Innovative Industrial Properties from $190.00 to $150.00 and set a “market outperform” rating on the stock in a research report on Tuesday, July 19th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $166.60.
Innovative Industrial Properties Profile
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 elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.
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