Pacer Advisors Inc. Takes Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Pacer Advisors Inc. acquired a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 630,340 shares of the company’s stock, valued at approximately $42,006,000.

A number of other large investors have also recently made changes to their positions in the stock. Bristlecone Advisors LLC grew its holdings in shares of Innovative Industrial Properties by 0.8% during the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock valued at $1,696,000 after buying an additional 103 shares during the last quarter. Dynamic Advisor Solutions LLC grew its holdings in shares of Innovative Industrial Properties by 3.2% during the third quarter. Dynamic Advisor Solutions LLC now owns 5,490 shares of the company’s stock valued at $739,000 after buying an additional 168 shares during the last quarter. USA Financial Formulas purchased a new stake in Innovative Industrial Properties in the third quarter valued at $25,000. US Bancorp DE boosted its holdings in Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after purchasing an additional 189 shares during the last quarter. Finally, GAMMA Investing LLC boosted its holdings in Innovative Industrial Properties by 46.3% in the third quarter. GAMMA Investing LLC now owns 632 shares of the company’s stock valued at $85,000 after purchasing an additional 200 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Up 1.8 %

IIPR stock opened at $69.21 on Tuesday. Innovative Industrial Properties, Inc. has a 52-week low of $62.45 and a 52-week high of $138.35. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The company’s 50-day simple moving average is $85.32 and its 200-day simple moving average is $110.50. The firm has a market cap of $1.96 billion, a P/E ratio of 12.32 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. During the same quarter last year, the company earned $2.29 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 10.98%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Analyst Upgrades and Downgrades

IIPR has been the topic of several recent research reports. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price target for the company from $125.00 to $78.00 in a report on Friday, December 20th. Alliance Global Partners lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Finally, JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Innovative Industrial Properties currently has an average rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Company Profile

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.