Schwab Charles Investment Management Inc. purchased a new position in Innovative Industrial Properties Inc (NYSE:IIPR) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 13,635 shares of the company’s stock, valued at approximately $500,000.
Other large investors have also bought and sold shares of the company. Rhumbline Advisers acquired a new position in shares of Innovative Industrial Properties during the second quarter worth $229,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Innovative Industrial Properties during the second quarter worth $4,333,000. Barclays PLC acquired a new position in shares of Innovative Industrial Properties during the first quarter worth $262,000. Jane Street Group LLC acquired a new position in shares of Innovative Industrial Properties during the first quarter worth $273,000. Finally, Northern Trust Corp acquired a new position in shares of Innovative Industrial Properties during the first quarter worth $317,000. Institutional investors and hedge funds own 50.70% of the company’s stock.
In related news, major shareholder Hg Vora Capital Management, Ll sold 475,000 shares of the business’s stock in a transaction on Thursday, September 20th. The shares were sold at an average price of $44.29, for a total value of $21,037,750.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Alan D. Gold purchased 67,500 shares of Innovative Industrial Properties stock in a transaction that occurred on Thursday, October 4th. The stock was bought at an average cost of $40.00 per share, with a total value of $2,700,000.00. Following the completion of the transaction, the insider now owns 313,867 shares of the company’s stock, valued at $12,554,680. The disclosure for this purchase can be found here. 6.20% of the stock is owned by insiders.
IIPR has been the subject of a number of analyst reports. Zacks Investment Research downgraded shares of Innovative Industrial Properties from a “hold” rating to a “sell” rating in a research note on Wednesday, July 25th. LADENBURG THALM/SH SH set a $41.00 target price on shares of Innovative Industrial Properties and gave the stock a “buy” rating in a research note on Tuesday, August 14th. Finally, Compass Point boosted their target price on shares of Innovative Industrial Properties from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, October 8th.
Shares of IIPR opened at $40.28 on Friday. Innovative Industrial Properties Inc has a 1-year low of $18.06 and a 1-year high of $49.74. The firm has a market capitalization of $292.20 million, a P/E ratio of 60.12 and a beta of -0.46.
Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Friday, August 10th. The company reported $0.17 earnings per share for the quarter. Innovative Industrial Properties had a net margin of 31.15% and a return on equity of 3.13%. The firm had revenue of $3.31 million during the quarter. As a group, equities analysts predict that Innovative Industrial Properties Inc will post 1.11 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 15th. Investors of record on Friday, September 28th were given a $0.35 dividend. The ex-dividend date of this dividend was Thursday, September 27th. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $0.25. This represents a $1.40 dividend on an annualized basis and a yield of 3.48%. Innovative Industrial Properties’s payout ratio is 208.96%.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc intends to elect to be taxed as a real estate investment trust.
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