Avantax Advisory Services Inc. Purchases 1,504 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Avantax Advisory Services Inc. boosted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) by 54.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,265 shares of the company’s stock after purchasing an additional 1,504 shares during the period. Avantax Advisory Services Inc.’s holdings in Innovative Industrial Properties were worth $377,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in IIPR. Heritage Wealth Management LLC bought a new position in Innovative Industrial Properties during the 2nd quarter valued at about $25,000. Geneos Wealth Management Inc. lifted its holdings in Innovative Industrial Properties by 159.6% during the 2nd quarter. Geneos Wealth Management Inc. now owns 270 shares of the company’s stock valued at $30,000 after purchasing an additional 166 shares during the last quarter. EverSource Wealth Advisors LLC bought a new position in Innovative Industrial Properties during the 2nd quarter valued at about $47,000. Baldwin Brothers LLC MA lifted its holdings in Innovative Industrial Properties by 92.3% during the 2nd quarter. Baldwin Brothers LLC MA now owns 625 shares of the company’s stock valued at $69,000 after purchasing an additional 300 shares during the last quarter. Finally, Lazard Asset Management LLC raised its stake in shares of Innovative Industrial Properties by 112.9% in the first quarter. Lazard Asset Management LLC now owns 396 shares of the company’s stock worth $81,000 after acquiring an additional 210 shares during the last quarter. 73.71% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

IIPR has been the subject of a number of research analyst reports. BTIG Research dropped their target price on shares of Innovative Industrial Properties from $196.00 to $179.00 and set a “buy” rating for the company in a research note on Tuesday. Piper Sandler dropped their target price on shares of Innovative Industrial Properties from $135.00 to $117.00 and set an “overweight” rating for the company in a research note on Friday, October 7th. TheStreet raised shares of Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research note on Friday, December 9th. Roth Capital dropped their target price on shares of Innovative Industrial Properties from $190.00 to $170.00 in a research note on Wednesday, November 9th. Finally, Craig Hallum boosted their target price on shares of Innovative Industrial Properties to $140.00 in a research note on Wednesday, November 16th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of “Moderate Buy” and an average target price of $155.17.

Innovative Industrial Properties Trading Down 2.9 %

IIPR opened at $85.78 on Wednesday. The company has a debt-to-equity ratio of 0.15, a current ratio of 24.10 and a quick ratio of 24.10. The company has a market cap of $2.40 billion, a price-to-earnings ratio of 16.50 and a beta of 1.63. The firm has a 50 day simple moving average of $108.27 and a 200 day simple moving average of $101.25. Innovative Industrial Properties, Inc. has a fifty-two week low of $85.30 and a fifty-two week high of $211.17.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last issued its quarterly earnings data on Wednesday, November 2nd. The company reported $1.32 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.92 by ($0.60). The firm had revenue of $70.88 million for the quarter, compared to analyst estimates of $68.60 million. Innovative Industrial Properties had a net margin of 53.43% and a return on equity of 7.92%. On average, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 7.71 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 13th. Investors of record on Friday, December 30th were issued a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a yield of 8.39%. The ex-dividend date was Thursday, December 29th. Innovative Industrial Properties’s dividend payout ratio is currently 138.46%.

Innovative Industrial Properties Profile

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Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia and Washington.

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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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