Swiss National Bank Raises Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Swiss National Bank grew its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 0.5% during the 4th quarter, HoldingsChannel reports. The fund owned 55,700 shares of the company’s stock after acquiring an additional 300 shares during the quarter. Swiss National Bank’s holdings in Innovative Industrial Properties were worth $3,712,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the business. Bogart Wealth LLC purchased a new position in Innovative Industrial Properties in the 4th quarter worth $27,000. Compass Financial Services Inc bought a new position in shares of Innovative Industrial Properties during the fourth quarter valued at about $32,000. Smartleaf Asset Management LLC increased its holdings in shares of Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after buying an additional 417 shares during the period. Loomis Sayles & Co. L P increased its holdings in shares of Innovative Industrial Properties by 3,130.8% in the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after buying an additional 407 shares during the period. Finally, Sierra Ocean LLC bought a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at about $77,000. 70.58% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on IIPR shares. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Compass Point dropped their price target on shares of Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating for the company in a research report on Tuesday, March 18th. Roth Mkm decreased their price objective on shares of 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. Finally, BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” 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 given a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $88.00.

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $64.76 on Wednesday. Innovative Industrial Properties, Inc. has a twelve month low of $61.72 and a twelve month 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. The business’s fifty day moving average is $70.41 and its 200 day moving average is $96.32. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of 11.71 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.22. The business had revenue of $76.74 million during 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%. Research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 11.74%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Insider Buying and Selling

In related news, Director David Stecher sold 7,599 shares of the stock in a transaction that occurred on Monday, March 3rd. The shares were 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 represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.50% of the stock is owned by corporate insiders.

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.