6,250 Shares in Innovative Industrial Properties Inc (IIPR) Purchased by Rhumbline Advisers
Rhumbline Advisers bought a new stake in Innovative Industrial Properties Inc (NYSE:IIPR) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 6,250 shares of the company’s stock, valued at approximately $229,000. Rhumbline Advisers owned approximately 0.09% of Innovative Industrial Properties as of its most recent SEC filing.
A number of other institutional investors and hedge funds also recently made changes to their positions in IIPR. IFP Advisors Inc boosted its position in shares of Innovative Industrial Properties by 306.3% during the 1st quarter. IFP Advisors Inc now owns 6,135 shares of the company’s stock valued at $164,000 after purchasing an additional 4,625 shares in the last quarter. Element Capital Management LLC bought a new position in shares of Innovative Industrial Properties during the 1st quarter valued at about $204,000. Cornerstone Wealth Management LLC bought a new position in shares of Innovative Industrial Properties during the 2nd quarter valued at about $222,000. Barclays PLC bought a new position in shares of Innovative Industrial Properties during the 1st quarter valued at about $262,000. Finally, Jane Street Group LLC bought a new position in shares of Innovative Industrial Properties during the 1st quarter valued at about $273,000. Hedge funds and other institutional investors own 50.61% of the company’s stock.
NYSE:IIPR opened at $46.39 on Tuesday. Innovative Industrial Properties Inc has a twelve month low of $17.94 and a twelve month high of $49.49. The stock has a market cap of $322.12 million, a PE ratio of 69.24 and a beta of -0.56.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, October 15th. Shareholders of record on Friday, September 28th will be paid a dividend of $0.35 per share. The ex-dividend date of this dividend is Thursday, September 27th. This is a positive change 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 3.02%. Innovative Industrial Properties’s dividend payout ratio is currently 149.25%.
In other Innovative Industrial Properties news, major shareholder Hg Vora Capital Management, Ll sold 475,000 shares of the company’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $44.29, for a total transaction of $21,037,750.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 6.20% of the stock is currently owned by corporate insiders.
Several equities analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a research report on Tuesday. LADENBURG THALM/SH SH restated a “buy” rating and set a $48.00 price objective on shares of Innovative Industrial Properties in a research report on Monday, September 10th.
Innovative Industrial Properties Company Profile
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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