BerganKDV Wealth Management LLC grew its position in Innovative Industrial Properties Inc (NYSE:IIPR) by 215.1% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,481 shares of the company’s stock after acquiring an additional 1,011 shares during the quarter. BerganKDV Wealth Management LLC’s holdings in Innovative Industrial Properties were worth $67,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IIPR. Bank of New York Mellon Corp purchased a new stake in Innovative Industrial Properties in the second quarter worth approximately $782,000. Schwab Charles Investment Management Inc. purchased a new stake in shares of Innovative Industrial Properties during the second quarter valued at approximately $500,000. BlackRock Inc. boosted its stake in shares of Innovative Industrial Properties by 3,121.4% during the second quarter. BlackRock Inc. now owns 413,951 shares of the company’s stock valued at $15,158,000 after purchasing an additional 401,101 shares during the period. Renaissance Technologies LLC boosted its stake in shares of Innovative Industrial Properties by 68.2% during the second quarter. Renaissance Technologies LLC now owns 107,000 shares of the company’s stock valued at $3,918,000 after purchasing an additional 43,400 shares during the period. Finally, Northern Trust Corp boosted its stake in shares of Innovative Industrial Properties by 90.7% during the second quarter. Northern Trust Corp now owns 22,630 shares of the company’s stock valued at $828,000 after purchasing an additional 10,763 shares during the period. Institutional investors and hedge funds own 31.78% of the company’s stock.
IIPR opened at $65.96 on Wednesday. The firm has a market capitalization of $619.04 million, a price-to-earnings ratio of 98.45 and a beta of 1.62. Innovative Industrial Properties Inc has a 12-month low of $23.63 and a 12-month high of $68.21.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, January 15th. Shareholders of record on Monday, December 31st were issued a $0.35 dividend. The ex-dividend date was Friday, December 28th. This represents a $1.40 dividend on an annualized basis and a yield of 2.12%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 208.96%.
IIPR has been the subject of a number of analyst reports. Zacks Investment Research lowered Innovative Industrial Properties from a “hold” rating to a “sell” rating in a research note on Wednesday, November 14th. TheStreet raised Innovative Industrial Properties from a “c” rating to a “b-” rating in a research note on Friday, November 30th. Finally, BTIG Research initiated coverage on Innovative Industrial Properties in a research note on Monday, January 14th. They issued a “buy” rating and a $60.00 price target for the company. One investment analyst has rated the stock with a sell rating and four have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $52.75.
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Innovative Industrial Properties 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 has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.
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