Deutsche Bank AG grew its stake in Innovative Industrial Properties Inc (NYSE:IIPR) by 85.3% in the fourth quarter, Holdings Channel reports. The institutional investor owned 24,063 shares of the company’s stock after buying an additional 11,075 shares during the period. Deutsche Bank AG’s holdings in Innovative Industrial Properties were worth $1,090,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds and other institutional investors also recently bought and sold shares of the company. Emerald Mutual Fund Advisers Trust grew its position in shares of Innovative Industrial Properties by 106.3% in the fourth quarter. Emerald Mutual Fund Advisers Trust now owns 249,220 shares of the company’s stock valued at $11,312,000 after purchasing an additional 128,421 shares during the period. BlackRock Inc. boosted its position in Innovative Industrial Properties by 28.9% during the fourth quarter. BlackRock Inc. now owns 540,995 shares of the company’s stock worth $24,557,000 after acquiring an additional 121,138 shares during the last quarter. Cannell Capital LLC acquired a new position in Innovative Industrial Properties during the fourth quarter worth about $5,149,000. Thomson Horstmann & Bryant Inc. acquired a new position in Innovative Industrial Properties during the fourth quarter worth about $2,705,000. Finally, Essex Investment Management Co. LLC boosted its position in Innovative Industrial Properties by 33.8% during the fourth quarter. Essex Investment Management Co. LLC now owns 187,567 shares of the company’s stock worth $8,514,000 after acquiring an additional 47,370 shares during the last quarter. 55.02% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have commented on the stock. LADENBURG THALM/SH SH downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Wednesday, March 20th. BTIG Research lifted their target price on shares of Innovative Industrial Properties to $101.00 and gave the stock a “buy” rating in a research note on Tuesday, March 19th. Finally, Zacks Investment Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “hold” rating in a research note on Wednesday, March 27th. Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average price target of $66.75.
Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, March 13th. The company reported $0.24 earnings per share (EPS) for the quarter. The business had revenue of $4.78 million for the quarter. Innovative Industrial Properties had a net margin of 51.37% and a return on equity of 4.97%. On average, research analysts anticipate that Innovative Industrial Properties Inc will post 2.6 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Friday, March 29th were paid a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 2.25%. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $0.35. The ex-dividend date was Thursday, March 28th. Innovative Industrial Properties’s payout ratio is 134.33%.
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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 has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.
Further Reading: What are CEFs?
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