Zurcher Kantonalbank Zurich Cantonalbank Grows Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 46.7% in the fourth quarter, according to its most recent 13F filing with the SEC. The firm owned 15,232 shares of the company’s stock after purchasing an additional 4,849 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned approximately 0.05% of Innovative Industrial Properties worth $1,015,000 at the end of the most recent reporting period.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Victory Capital Management Inc. grew its stake in shares of Innovative Industrial Properties by 23.4% in the third quarter. Victory Capital Management Inc. now owns 36,784 shares of the company’s stock valued at $4,951,000 after buying an additional 6,977 shares in the last quarter. KBC Group NV boosted its holdings in Innovative Industrial Properties by 28.2% during the 3rd quarter. KBC Group NV now owns 940 shares of the company’s stock valued at $127,000 after acquiring an additional 207 shares during the period. Thrivent Financial for Lutherans boosted its holdings in Innovative Industrial Properties by 1.1% during the 3rd quarter. Thrivent Financial for Lutherans now owns 48,539 shares of the company’s stock valued at $6,533,000 after acquiring an additional 505 shares during the period. Quest Partners LLC acquired a new position in Innovative Industrial Properties in the 3rd quarter valued at about $95,000. Finally, Advisors Asset Management Inc. increased its stake in Innovative Industrial Properties by 178.0% during the third quarter. Advisors Asset Management Inc. now owns 1,248 shares of the company’s stock worth $168,000 after purchasing an additional 799 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on IIPR. Industrial Alliance Securities set a $60.00 price objective on shares of Innovative Industrial Properties in a report on Tuesday. Compass Point cut their price objective on Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Piper Sandler cut their price target on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a report on Monday. Finally, Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $88.00.

Insider Activity at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the firm’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 in the company, valued at $94,960.30. This trade represents a 84.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 1.50% of the company’s stock.

Innovative Industrial Properties Stock Down 2.2 %

Innovative Industrial Properties stock opened at $63.90 on Thursday. The stock has a market cap of $1.81 billion, a PE ratio of 11.55 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The stock’s fifty day moving average is $70.45 and its two-hundred day moving average is $98.12. Innovative Industrial Properties, Inc. has a 1-year low of $62.45 and a 1-year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting the consensus estimate of $2.22. The business had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. On average, sell-side analysts expect 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. This represents a $7.60 annualized dividend and a dividend yield of 11.89%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties’s payout ratio is 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.