Healthcare of Ontario Pension Plan Trust Fund bought a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm bought 42,330 shares of the company’s stock, valued at approximately $7,752,000. Healthcare of Ontario Pension Plan Trust Fund owned approximately 0.19% of Innovative Industrial Properties at the end of the most recent quarter.
Several other hedge funds have also bought and sold shares of the company. Phocas Financial Corp. bought a new position in shares of Innovative Industrial Properties during the fourth quarter valued at $211,000. Main Street Financial Solutions LLC purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at about $321,000. Avitas Wealth Management LLC bought a new stake in shares of Innovative Industrial Properties in the fourth quarter worth approximately $1,864,000. Clear Street Markets LLC bought a new stake in shares of Innovative Industrial Properties in the fourth quarter worth approximately $934,000. Finally, JPMorgan Chase & Co. raised its holdings in shares of Innovative Industrial Properties by 58.1% during the fourth quarter. JPMorgan Chase & Co. now owns 104,700 shares of the company’s stock valued at $19,173,000 after purchasing an additional 38,496 shares during the last quarter. Hedge funds and other institutional investors own 74.85% of the company’s stock.
NYSE IIPR opened at $189.52 on Thursday. The company has a market capitalization of $4.53 billion, a PE ratio of 61.33 and a beta of 1.52. The company has a debt-to-equity ratio of 0.11, a quick ratio of 458.27 and a current ratio of 458.27. The business’s fifty day moving average is $188.38 and its 200 day moving average is $168.12. Innovative Industrial Properties, Inc. has a fifty-two week low of $64.68 and a fifty-two week high of $222.08.
The company also recently announced a quarterly dividend, which will be paid on Thursday, April 15th. Shareholders of record on Wednesday, March 31st will be paid a dividend of $1.32 per share. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.24. The ex-dividend date is Tuesday, March 30th. This represents a $5.28 dividend on an annualized basis and a yield of 2.79%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 161.47%.
IIPR has been the subject of a number of research analyst reports. JMP Securities lifted their target price on shares of Innovative Industrial Properties from $185.00 to $225.00 and gave the stock an “outperform” rating in a research report on Friday, January 29th. Compass Point lifted their price objective on Innovative Industrial Properties from $180.00 to $220.00 and gave the stock a “buy” rating in a report on Friday, December 18th. LADENBURG THALM/SH SH cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 23rd. They noted that the move was a valuation call. BTIG Research raised their target price on Innovative Industrial Properties from $177.00 to $218.00 and gave the stock a “buy” rating in a research report on Thursday, January 7th. Finally, Piper Sandler boosted their price target on Innovative Industrial Properties from $160.00 to $250.00 and gave the company an “overweight” rating in a research note on Wednesday, December 23rd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $188.63.
In other news, Chairman Alan D. Gold sold 4,000 shares of Innovative Industrial Properties stock in a transaction that occurred on Friday, March 12th. The shares were sold at an average price of $185.00, for a total transaction of $740,000.00. Following the sale, the chairman now owns 214,284 shares in the company, valued at $39,642,540. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, CEO Paul E. Smithers sold 2,000 shares of the business’s stock in a transaction on Wednesday, March 17th. The stock was sold at an average price of $195.00, for a total transaction of $390,000.00. Following the completion of the transaction, the chief executive officer now directly owns 31,740 shares in the company, valued at approximately $6,189,300. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,029 shares of company stock worth $1,797,137. 2.90% of the stock is owned by company insiders.
Innovative Industrial Properties 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 medical-use 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.
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