Innovative Industrial Properties, Inc. $IIPR Shares Bought by Allianz Asset Management GmbH

Allianz Asset Management GmbH boosted its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 71.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,861 shares of the company’s stock after purchasing an additional 11,206 shares during the period. Allianz Asset Management GmbH owned approximately 0.10% of Innovative Industrial Properties worth $1,439,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in IIPR. Daiwa Securities Group Inc. boosted its stake in shares of Innovative Industrial Properties by 2.1% during the 2nd quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company’s stock worth $545,000 after acquiring an additional 207 shares in the last quarter. Bank of Montreal Can raised its holdings in Innovative Industrial Properties by 4.6% during the 2nd quarter. Bank of Montreal Can now owns 5,259 shares of the company’s stock worth $290,000 after buying an additional 229 shares during the period. California State Teachers Retirement System raised its holdings in Innovative Industrial Properties by 1.0% during the 2nd quarter. California State Teachers Retirement System now owns 26,152 shares of the company’s stock worth $1,444,000 after buying an additional 264 shares during the period. Amalgamated Bank lifted its stake in Innovative Industrial Properties by 3.4% during the third quarter. Amalgamated Bank now owns 8,270 shares of the company’s stock valued at $443,000 after buying an additional 275 shares in the last quarter. Finally, Centaurus Financial Inc. boosted its holdings in shares of Innovative Industrial Properties by 2.5% in the second quarter. Centaurus Financial Inc. now owns 12,942 shares of the company’s stock worth $715,000 after buying an additional 312 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Insider Buying and Selling at Innovative Industrial Properties

In other Innovative Industrial Properties news, CFO David Jon Smith bought 600 shares of the stock in a transaction on Thursday, November 20th. The shares were purchased at an average cost of $45.90 per share, with a total value of $27,540.00. Following the completion of the transaction, the chief financial officer directly owned 600 shares of the company’s stock, valued at $27,540. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Chairman Alan D. Gold bought 2,600 shares of the business’s stock in a transaction on Monday, November 24th. The shares were bought at an average price of $49.09 per share, for a total transaction of $127,634.00. Following the completion of the acquisition, the chairman owned 2,600 shares of the company’s stock, valued at approximately $127,634. This represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. In the last 90 days, insiders have bought 4,200 shares of company stock worth $201,434. 2.00% of the stock is currently owned by company insiders.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $45.99 on Friday. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $75.71. The stock’s 50-day moving average is $50.26 and its two-hundred day moving average is $51.94. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.75 and a quick ratio of 2.75. The firm has a market cap of $1.29 billion, a P/E ratio of 10.90 and a beta of 1.47.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 16.5%. The ex-dividend date of this dividend was Wednesday, December 31st. Innovative Industrial Properties’s payout ratio is currently 180.09%.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on IIPR shares. Piper Sandler boosted their price target on shares of Innovative Industrial Properties from $43.00 to $44.00 and gave the company an “underweight” rating in a report on Wednesday, November 5th. Weiss Ratings cut shares of Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, January 28th. One research analyst has rated the stock with a Buy rating, two have given a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Reduce” and a consensus price target of $68.20.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.