Wells Fargo & Company MN Has $1.10 Million Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Wells Fargo & Company MN raised its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 27.8% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 16,543 shares of the company’s stock after buying an additional 3,603 shares during the period. Wells Fargo & Company MN owned 0.06% of Innovative Industrial Properties worth $1,102,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Bogart Wealth LLC bought a new position in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $27,000. Compass Financial Services Inc acquired a new position in Innovative Industrial Properties in the fourth quarter worth $32,000. Smartleaf Asset Management LLC grew its holdings in shares of Innovative Industrial Properties by 182.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after purchasing an additional 417 shares during the last quarter. Headlands Technologies LLC acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at $50,000. Finally, Sierra Ocean LLC acquired a new position in Innovative Industrial Properties during the 4th quarter worth about $77,000. 70.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms have weighed in on IIPR. Wolfe Research began coverage on shares of Innovative Industrial Properties in a research report on Wednesday, April 23rd. They issued an “outperform” rating and a $57.00 price objective for the company. Compass Point restated a “sell” rating and issued a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Roth Mkm decreased their price objective on 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. Piper Sandler lowered their target price on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a research note on Tuesday, April 15th. Finally, Industrial Alliance Securities reiterated a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Innovative Industrial Properties presently has an average rating of “Hold” and a consensus price target of $78.67.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was 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 of the company’s stock, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 1.50% of the stock is owned by insiders.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $52.70 on Wednesday. The company has a fifty day moving average price of $60.80 and a 200 day moving average price of $82.12. Innovative Industrial Properties, Inc. has a 1-year low of $45.44 and a 1-year high of $138.35. The firm has a market cap of $1.49 billion, a PE ratio of 9.53 and a beta of 1.59. 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 (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The business had revenue of $76.74 million during the quarter, compared to the consensus estimate of $76.21 million. Research analysts predict 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 announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 14.42%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties’s payout ratio is 137.43%.

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.