Farringdon Capital Ltd. Invests $222,000 in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Farringdon Capital Ltd. acquired a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 3,338 shares of the company’s stock, valued at approximately $222,000.

A number of other hedge funds also recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. grew its position in Innovative Industrial Properties by 17.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock valued at $31,928,000 after buying an additional 35,269 shares during the last quarter. Barclays PLC boosted its holdings in shares of Innovative Industrial Properties by 187.5% in the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock valued at $6,459,000 after acquiring an additional 31,295 shares in the last quarter. Geode Capital Management LLC increased its stake in shares of Innovative Industrial Properties by 31.9% during the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock worth $7,133,000 after acquiring an additional 12,791 shares during the period. Charles Schwab Investment Management Inc. raised its holdings in Innovative Industrial Properties by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock worth $30,958,000 after purchasing an additional 7,179 shares in the last quarter. Finally, Vanguard Group Inc. lifted its position in Innovative Industrial Properties by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock valued at $294,798,000 after purchasing an additional 64,908 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Up 1.1 %

Shares of NYSE:IIPR opened at $51.50 on Friday. The company has a market capitalization of $1.46 billion, a P/E ratio of 9.31 and a beta of 1.59. The stock’s fifty day simple moving average is $63.72 and its 200-day simple moving average is $85.90. Innovative Industrial Properties, Inc. has a 52-week low of $45.44 and a 52-week high of $138.35. 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 (NYSE:IIPR) last released its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.22. The company had revenue of $76.74 million for 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%. As a group, equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.76%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is presently 137.43%.

Insiders Place Their Bets

In other news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now directly owns 1,346 shares of the company’s stock, valued at $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 is available at this link. 1.50% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have issued reports on IIPR shares. Compass Point reiterated a “sell” rating and set a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Piper Sandler decreased their target price on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a research report on Tuesday, April 15th. Industrial Alliance Securities reaffirmed a “neutral” rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Alliance Global Partners lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Finally, 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. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Innovative Industrial Properties has an average rating of “Hold” and an average price target of $83.00.

About Innovative Industrial Properties

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.