BNP Paribas Financial Markets Has $725,000 Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

BNP Paribas Financial Markets increased its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 57.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 10,876 shares of the company’s stock after purchasing an additional 3,973 shares during the period. BNP Paribas Financial Markets’ holdings in Innovative Industrial Properties were worth $725,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in IIPR. Schonfeld Strategic Advisors LLC bought a new position in Innovative Industrial Properties during the fourth quarter worth about $1,113,000. Northern Trust Corp grew its holdings in Innovative Industrial Properties by 20.6% during the fourth quarter. Northern Trust Corp now owns 435,879 shares of the company’s stock valued at $29,047,000 after purchasing an additional 74,342 shares during the period. The Manufacturers Life Insurance Company increased its stake in Innovative Industrial Properties by 4.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 24,174 shares of the company’s stock valued at $1,611,000 after purchasing an additional 1,068 shares in the last quarter. Price T Rowe Associates Inc. MD increased its stake in Innovative Industrial Properties by 9.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 24,519 shares of the company’s stock valued at $1,634,000 after purchasing an additional 2,180 shares in the last quarter. Finally, Pinebridge Investments L.P. raised its holdings in Innovative Industrial Properties by 4.3% in the fourth quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company’s stock worth $312,000 after purchasing an additional 193 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently commented on IIPR shares. Compass Point reaffirmed a “sell” rating and set a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Wolfe Research assumed coverage on Innovative Industrial Properties in a report on Wednesday, April 23rd. They set an “outperform” rating and a $57.00 price objective on the stock. Roth Mkm decreased their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research report on Friday, February 21st. Industrial Alliance Securities reaffirmed a “neutral” rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Finally, Piper Sandler reduced their price target on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a report on Tuesday, April 15th. 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 issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $78.67.

Insider Buying and Selling

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This represents a 84.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 2.00% of the stock is currently owned by corporate insiders.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $55.46 on Friday. The firm’s 50 day moving average is $55.32 and its 200-day moving average is $73.47. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The company has a market capitalization of $1.55 billion, a PE ratio of 10.03 and a beta of 1.73. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business had revenue of $71.72 million during the quarter, compared to analyst estimates of $72.20 million. During the same quarter in the previous year, the firm posted $2.21 earnings per share. The firm’s quarterly revenue was down 5.7% on a year-over-year basis. Equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.70%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is currently 146.15%.

Innovative Industrial Properties Company 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.