9,335 Shares in Innovative Industrial Properties, Inc. (NYSE:IIPR) Bought by New York Life Investment Management LLC

New York Life Investment Management LLC bought a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) during the 4th quarter, Holdings Channel reports. The fund bought 9,335 shares of the company’s stock, valued at approximately $941,000.

Other institutional investors have also recently bought and sold shares of the company. Headlands Technologies LLC bought a new position in Innovative Industrial Properties in the 3rd quarter worth $25,000. GAMMA Investing LLC bought a new position in shares of Innovative Industrial Properties during the 4th quarter worth about $26,000. FNY Investment Advisers LLC bought a new position in shares of Innovative Industrial Properties during the 4th quarter worth about $40,000. Headinvest LLC bought a new position in shares of Innovative Industrial Properties during the 3rd quarter worth about $62,000. Finally, Independence Bank of Kentucky increased its holdings in shares of Innovative Industrial Properties by 82.9% during the 4th quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock worth $65,000 after purchasing an additional 290 shares during the period. Institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

IIPR has been the topic of several research reports. TheStreet upgraded shares of Innovative Industrial Properties from a “c+” rating to a “b-” rating in a report on Wednesday, January 10th. Piper Sandler boosted their price objective on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a report on Thursday, February 29th. Four analysts have rated the stock with a hold rating, According to data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and a consensus price target of $92.67.

Innovative Industrial Properties Price Performance

Shares of Innovative Industrial Properties stock opened at $107.69 on Thursday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 14.22 and a current ratio of 14.22. The firm’s 50-day simple moving average is $100.01 and its 200-day simple moving average is $92.62. Innovative Industrial Properties, Inc. has a twelve month low of $65.16 and a twelve month high of $111.71. The firm has a market cap of $3.04 billion, a P/E ratio of 18.66 and a beta of 1.48.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, February 26th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $2.07 by ($0.62). Innovative Industrial Properties had a net margin of 53.50% and a return on equity of 8.54%. The business had revenue of $79.16 million for the quarter, compared to analyst estimates of $76.55 million. As a group, research analysts expect that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were given a dividend of $1.82 per share. The ex-dividend date was Wednesday, March 27th. This represents a $7.28 annualized dividend and a dividend yield of 6.76%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 126.17%.

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.