Avantax Advisory Services Inc. Boosts Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Avantax Advisory Services Inc. grew its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 2.1% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,543 shares of the company’s stock after purchasing an additional 192 shares during the period. Avantax Advisory Services Inc.’s holdings in Innovative Industrial Properties were worth $636,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in IIPR. Pacer Advisors Inc. purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at $42,006,000. Wellington Management Group LLP lifted its holdings in shares of Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after purchasing an additional 185,855 shares during the last quarter. Cambiar Investors LLC lifted its holdings in shares of Innovative Industrial Properties by 370.0% during the 4th quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock valued at $7,216,000 after purchasing an additional 85,244 shares during the last quarter. Bank of New York Mellon Corp increased its position 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 acquiring an additional 77,552 shares during the period. Finally, Empirical Asset Management LLC acquired a new position in shares of Innovative Industrial Properties in the 4th quarter valued at $4,794,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Up 0.1 %

IIPR stock opened at $63.44 on Friday. The company’s 50-day simple moving average is $70.42 and its 200-day simple moving average is $97.45. 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 52-week low of $61.72 and a 52-week high of $138.35. The firm has a market cap of $1.80 billion, a P/E ratio of 11.47 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last posted its 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 business had revenue of $76.74 million for the quarter, compared to analyst estimates 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 analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 11.98%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is presently 137.43%.

Insider Activity at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the firm’s 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 transaction, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 1.50% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on IIPR. Industrial Alliance Securities set a $60.00 price target on Innovative Industrial Properties in a research report on Tuesday. Roth Mkm cut their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Finally, BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Innovative Industrial Properties presently has an average rating of “Hold” and an average target price of $88.00.

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.