Pilgrim Partners Asia Pte Ltd Makes New Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 860 shares of the company’s stock, valued at approximately $57,000.

Several other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in shares of 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 buying an additional 64,908 shares in the last quarter. Pacer Advisors Inc. acquired a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at about $42,006,000. Wellington Management Group LLP lifted its holdings in Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after buying an additional 185,855 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in Innovative Industrial Properties by 1.6% in 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 during the period. Finally, Bank of New York Mellon Corp raised its stake in Innovative Industrial Properties by 25.8% during the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock worth $25,233,000 after acquiring an additional 77,552 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several brokerages recently weighed in on IIPR. Piper Sandler cut their price objective on shares of Innovative Industrial Properties from $60.00 to $55.00 and set an “underweight” rating on the stock in a research report on Monday, March 31st. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Compass Point reiterated a “sell” rating and issued a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Finally, Roth Mkm lowered 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. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $85.00.

Innovative Industrial Properties Stock Up 2.0 %

Innovative Industrial Properties stock opened at $53.47 on Friday. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a 1-year low of $49.51 and a 1-year high of $138.35. The firm’s fifty day simple moving average is $68.91 and its 200-day simple moving average is $92.93. The company has a market capitalization of $1.51 billion, a P/E ratio of 9.67 and a beta of 1.59.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting analysts’ consensus estimates of $2.22. The company 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%. Sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share 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. Stockholders of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.21%. Innovative Industrial Properties’s payout ratio is presently 137.43%.

Insider Activity

In related news, Director David Stecher sold 7,599 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the sale, 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 sale was disclosed in a document filed with the SEC, which is available through the SEC website. 1.50% of the stock is owned by company insiders.

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.