Truist Financial Corp Increases Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Truist Financial Corp raised its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 150.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 14,918 shares of the company’s stock after buying an additional 8,967 shares during the period. Truist Financial Corp owned about 0.05% of Innovative Industrial Properties worth $1,089,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in IIPR. Private Advisor Group LLC increased its stake in shares of Innovative Industrial Properties by 41.5% in the first quarter. Private Advisor Group LLC now owns 2,344 shares of the company’s stock worth $481,000 after purchasing an additional 687 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Innovative Industrial Properties by 8.1% in the first quarter. Bank of Montreal Can now owns 9,019 shares of the company’s stock worth $1,893,000 after purchasing an additional 676 shares in the last quarter. MetLife Investment Management LLC increased its stake in shares of Innovative Industrial Properties by 55.5% in the first quarter. MetLife Investment Management LLC now owns 12,587 shares of the company’s stock worth $2,585,000 after purchasing an additional 4,492 shares in the last quarter. Rhumbline Advisers increased its stake in shares of Innovative Industrial Properties by 8.2% in the first quarter. Rhumbline Advisers now owns 64,743 shares of the company’s stock worth $13,298,000 after purchasing an additional 4,898 shares in the last quarter. Finally, Great West Life Assurance Co. Can increased its stake in shares of Innovative Industrial Properties by 6.5% in the first quarter. Great West Life Assurance Co. Can now owns 42,089 shares of the company’s stock worth $8,914,000 after purchasing an additional 2,556 shares in the last quarter. 69.52% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on IIPR shares. StockNews.com started coverage on shares of Innovative Industrial Properties in a research note on Thursday, October 5th. They issued a “hold” rating for the company. Compass Point cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and set a $95.00 target price for the company. in a research note on Tuesday, September 5th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $120.80.

Innovative Industrial Properties Stock Performance

IIPR opened at $80.59 on Monday. Innovative Industrial Properties, Inc. has a fifty-two week low of $63.36 and a fifty-two week high of $125.38. The company has a debt-to-equity ratio of 0.15, a quick ratio of 19.59 and a current ratio of 19.59. The company has a fifty day moving average of $78.98 and a 200 day moving average of $75.33. The stock has a market capitalization of $2.26 billion, a price-to-earnings ratio of 13.94 and a beta of 1.56.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, October 13th. Shareholders of record on Friday, September 29th were paid a $1.80 dividend. The ex-dividend date of this dividend was Thursday, September 28th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 8.93%. Innovative Industrial Properties’s payout ratio is currently 124.57%.

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.