Segall Bryant & Hamill LLC Boosts Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Segall Bryant & Hamill LLC boosted its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.7% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 50,485 shares of the company’s stock after purchasing an additional 836 shares during the period. Segall Bryant & Hamill LLC owned about 0.18% of Innovative Industrial Properties worth $3,364,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in shares of Innovative Industrial Properties by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock valued at $294,798,000 after buying an additional 64,908 shares in the last quarter. Pacer Advisors Inc. bought a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at approximately $42,006,000. Wellington Management Group LLP boosted its holdings in shares of Innovative Industrial Properties by 48.6% in the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after purchasing an additional 185,855 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Innovative Industrial Properties by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock valued at $30,958,000 after purchasing an additional 7,179 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in Innovative Industrial Properties by 25.8% during the 4th quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock valued at $25,233,000 after buying an additional 77,552 shares during the period. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $65.08 on Friday. The company’s 50-day simple moving average is $70.35 and its two-hundred day simple moving average is $95.89. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. Innovative Industrial Properties, Inc. has a one year low of $61.72 and a one year high of $138.35. The company has a market capitalization of $1.84 billion, a P/E ratio of 11.77 and a beta of 1.49.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting the consensus estimate of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. As a group, equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be issued a $1.90 dividend. The ex-dividend date is Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 11.68%. Innovative Industrial Properties’s payout ratio is currently 137.43%.

Insider Buying and Selling

In related news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares of the company’s stock, valued at $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 1.50% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Compass Point cut their price objective on shares of Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating on the stock in a research report on Tuesday, March 18th. Industrial Alliance Securities set a $60.00 price target on shares of Innovative Industrial Properties in a report on Tuesday, March 18th. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Roth Mkm reduced their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 21st. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $88.00.

About Innovative Industrial Properties

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 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.