Assetmark Inc. Acquires 2,416 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Assetmark Inc. raised its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 35.3% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 9,252 shares of the company’s stock after acquiring an additional 2,416 shares during the period. Assetmark Inc.’s holdings in Innovative Industrial Properties were worth $617,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in IIPR. Pacer Advisors Inc. bought a new position in Innovative Industrial Properties during the 4th quarter worth approximately $42,006,000. Wellington Management Group LLP raised its holdings in Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after purchasing an additional 185,855 shares during the period. Cambiar Investors LLC boosted its position in shares of Innovative Industrial Properties by 370.0% during the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock worth $7,216,000 after purchasing an additional 85,244 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Innovative Industrial Properties by 25.8% in the 4th quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock valued at $25,233,000 after buying an additional 77,552 shares during the period. Finally, Empirical Asset Management LLC bought a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at $4,794,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Insider Activity

In related news, Director David Stecher sold 7,599 shares of the 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 completion of the transaction, the director now directly 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 sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.50% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several research firms have weighed in on IIPR. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $125.00 to $78.00 in a report on Friday, December 20th. Roth Mkm cut their price objective 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. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Innovative Industrial Properties currently has a consensus rating of “Hold” and a consensus price target of $102.00.

Innovative Industrial Properties Stock Down 1.6 %

Shares of Innovative Industrial Properties stock opened at $70.87 on Thursday. Innovative Industrial Properties, Inc. has a 52-week low of $62.45 and a 52-week high of $138.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The business’s 50 day simple moving average is $70.44 and its 200 day simple moving average is $100.35. The firm has a market cap of $2.01 billion, a PE ratio of 12.81 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. On average, analysts predict 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 disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were paid a dividend of $1.90 per share. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.72%. Innovative Industrial Properties’s dividend payout ratio is 137.43%.

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.