RD Lewis Holdings Inc. Acquires Shares of 15,046 Innovative Industrial Properties, Inc. (NYSE:IIPR)

RD Lewis Holdings Inc. acquired a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 15,046 shares of the company’s stock, valued at approximately $1,106,000. Innovative Industrial Properties comprises approximately 1.3% of RD Lewis Holdings Inc.’s investment portfolio, making the stock its 27th largest position.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Bogart Wealth LLC acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at about $27,000. Compass Financial Services Inc acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at about $32,000. Smartleaf Asset Management LLC grew its stake in shares of Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock valued at $43,000 after acquiring an additional 417 shares in the last quarter. Canton Hathaway LLC acquired a new position in shares of Innovative Industrial Properties in the third quarter valued at about $55,000. Finally, Loomis Sayles & Co. L P grew its stake in shares of Innovative Industrial Properties by 3,130.8% in the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after acquiring an additional 407 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Insider Transactions at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction dated Monday, March 3rd. The shares were 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 owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.50% of the company’s stock.

Innovative Industrial Properties Trading Down 7.6 %

IIPR opened at $64.36 on Tuesday. The stock has a market capitalization of $1.82 billion, a price-to-earnings ratio of 11.64 and a beta of 1.49. 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 50-day simple moving average of $70.50 and a 200 day simple moving average of $98.77.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting analysts’ consensus estimates of $2.22. The firm had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. Analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

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

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 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.