Sigma Planning Corp Purchases 6,015 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Sigma Planning Corp lifted its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 95.8% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,291 shares of the company’s stock after buying an additional 6,015 shares during the period. Sigma Planning Corp owned about 0.05% of Innovative Industrial Properties worth $2,348,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Oregon Public Employees Retirement Fund boosted its stake in shares of Innovative Industrial Properties by 6.2% during the 2nd quarter. Oregon Public Employees Retirement Fund now owns 9,722 shares of the company’s stock worth $1,857,000 after buying an additional 570 shares during the last quarter. Quantbot Technologies LP acquired a new position in shares of Innovative Industrial Properties during the 1st quarter worth about $711,000. Gerber Kawasaki Wealth & Investment Management boosted its stake in shares of Innovative Industrial Properties by 0.6% during the 2nd quarter. Gerber Kawasaki Wealth & Investment Management now owns 47,764 shares of the company’s stock worth $9,124,000 after buying an additional 300 shares during the last quarter. State Board of Administration of Florida Retirement System boosted its stake in shares of Innovative Industrial Properties by 5.6% during the 2nd quarter. State Board of Administration of Florida Retirement System now owns 8,938 shares of the company’s stock worth $1,707,000 after buying an additional 475 shares during the last quarter. Finally, Clear Street Markets LLC boosted its stake in shares of Innovative Industrial Properties by 79.2% during the 2nd quarter. Clear Street Markets LLC now owns 4,300 shares of the company’s stock worth $821,000 after buying an additional 1,900 shares during the last quarter. Institutional investors own 74.88% of the company’s stock.

IIPR has been the subject of several recent analyst reports. BTIG Research raised their target price on shares of Innovative Industrial Properties from $245.00 to $290.00 and gave the company a “buy” rating in a research note on Wednesday, September 1st. Roth Capital raised their target price on shares of Innovative Industrial Properties from $215.00 to $245.00 and gave the company a “buy” rating in a research note on Friday, August 6th. Craig Hallum raised their target price on shares of Innovative Industrial Properties from $175.00 to $240.00 and gave the company a “hold” rating in a research note on Monday, August 9th. Zacks Investment Research downgraded shares of Innovative Industrial Properties from a “hold” rating to a “sell” rating and set a $256.00 target price for the company. in a research note on Wednesday, October 6th. Finally, Wolfe Research started coverage on shares of Innovative Industrial Properties in a research note on Friday, July 2nd. They issued an “outperform” rating and a $249.00 target price for the company. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $246.88.

Shares of NYSE:IIPR opened at $239.61 on Thursday. The company’s 50 day simple moving average is $236.08 and its 200 day simple moving average is $205.85. The stock has a market capitalization of $5.73 billion, a price-to-earnings ratio of 41.24 and a beta of 1.46. The company has a debt-to-equity ratio of 0.29, a current ratio of 165.60 and a quick ratio of 165.60. Innovative Industrial Properties, Inc. has a 1 year low of $112.25 and a 1 year high of $253.61.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, August 4th. The company reported $1.17 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.52 by ($0.35). The firm had revenue of $48.87 million during the quarter, compared to the consensus estimate of $46.21 million. Innovative Industrial Properties had a net margin of 58.72% and a return on equity of 6.64%. The business’s revenue was up 100.7% compared to the same quarter last year. During the same period last year, the business earned $1.19 earnings per share. As a group, analysts anticipate that Innovative Industrial Properties, Inc. will post 6.45 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Friday, October 15th. Shareholders of record on Thursday, September 30th will be paid a dividend of $1.50 per share. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Wednesday, September 29th. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.40. Innovative Industrial Properties’s payout ratio is presently 120.00%.

In other news, CEO Paul E. Smithers sold 3,954 shares of Innovative Industrial Properties stock in a transaction on Wednesday, September 1st. The shares were sold at an average price of $249.00, for a total transaction of $984,546.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Gary A. Kreitzer sold 2,775 shares of the business’s stock in a transaction on Monday, September 13th. The shares were sold at an average price of $36.24, for a total transaction of $100,566.00. Following the completion of the transaction, the director now owns 37,225 shares in the company, valued at approximately $1,349,034. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 10,484 shares of company stock worth $1,944,507. Insiders own 1.80% of the company’s stock.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New York, North Dakota, Ohio, and Pennsylvania.

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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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