Point72 Asset Management L.P. Takes Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Point72 Asset Management L.P. acquired a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the fourth quarter, according to its most recent disclosure with the SEC. The fund acquired 58,000 shares of the company’s stock, valued at approximately $3,865,000. Point72 Asset Management L.P. owned approximately 0.20% of Innovative Industrial Properties as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. ProShare Advisors LLC lifted its position in shares of Innovative Industrial Properties by 44.4% during the 4th quarter. ProShare Advisors LLC now owns 8,496 shares of the company’s stock valued at $566,000 after buying an additional 2,613 shares in the last quarter. Nissay Asset Management Corp Japan ADV lifted its holdings in Innovative Industrial Properties by 4.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company’s stock worth $288,000 after purchasing an additional 164 shares in the last quarter. Nomura Holdings Inc. purchased a new position in Innovative Industrial Properties in the 4th quarter worth approximately $258,000. Nuveen Asset Management LLC lifted its holdings in Innovative Industrial Properties by 1.1% in the 4th quarter. Nuveen Asset Management LLC now owns 100,728 shares of the company’s stock worth $6,713,000 after purchasing an additional 1,132 shares in the last quarter. Finally, Measured Risk Portfolios Inc. purchased a new position in Innovative Industrial Properties in the 4th quarter worth approximately $59,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Piper Sandler lowered their price target on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a report on Tuesday, April 15th. Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Wolfe Research assumed coverage on Innovative Industrial Properties in a report on Wednesday, April 23rd. They issued an “outperform” rating and a $57.00 price target on the stock. Roth Mkm lowered their price target 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. Finally, Compass Point reissued a “sell” rating and issued a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and a consensus price target of $78.67.

Innovative Industrial Properties Stock Down 0.2%

Shares of IIPR opened at $56.85 on Tuesday. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of 10.28 and a beta of 1.73. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $138.35. The business’s 50 day simple moving average is $56.01 and its 200-day simple moving average is $74.23. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.12). The company had revenue of $71.72 million for the quarter, compared to the consensus estimate of $72.20 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.21 EPS. As a group, equities analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 13.37%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is currently 146.15%.

Insider Activity

In other news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. The trade was a 84.95% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 2.00% of the company’s stock.

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.