Innovative Industrial Properties Inc (NYSE:IIPR) has been given a consensus broker rating score of 1.00 (Strong Buy) from the two brokers that cover the stock, Zacks Investment Research reports. Two equities research analysts have rated the stock with a strong buy recommendation.
Brokers have set a 1 year consensus price objective of $49.75 for the company, according to Zacks. Zacks has also assigned Innovative Industrial Properties an industry rank of 101 out of 257 based on the ratings given to its competitors.
A number of equities analysts have issued reports on the stock. LADENBURG THALM/SH SH restated a “buy” rating and issued a $48.00 price objective on shares of Innovative Industrial Properties in a research report on Monday, September 10th. TheStreet upgraded shares of Innovative Industrial Properties from a “c” rating to a “b-” rating in a research report on Friday, November 30th. Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a research report on Tuesday, September 25th. Finally, Compass Point boosted their price objective on shares of Innovative Industrial Properties from $48.00 to $50.00 and gave the company a “buy” rating in a research report on Monday, October 8th.
In related news, major shareholder Hg Vora Capital Management, Ll sold 475,000 shares of the business’s stock in a transaction dated Thursday, September 20th. The shares were sold at an average price of $44.29, for a total transaction of $21,037,750.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Alan D. Gold purchased 67,500 shares of Innovative Industrial Properties stock in a transaction that occurred on Thursday, October 4th. The shares were bought at an average price of $40.00 per share, for a total transaction of $2,700,000.00. Following the transaction, the insider now directly owns 313,867 shares of the company’s stock, valued at $12,554,680. The disclosure for this purchase can be found here. 6.20% of the stock is owned by insiders.
Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. increased its position in shares of Innovative Industrial Properties by 7.0% during the third quarter. Vanguard Group Inc. now owns 300,497 shares of the company’s stock valued at $14,496,000 after buying an additional 19,665 shares during the period. Morgan Stanley increased its position in shares of Innovative Industrial Properties by 17.7% during the third quarter. Morgan Stanley now owns 69,648 shares of the company’s stock valued at $3,360,000 after buying an additional 10,492 shares during the period. Penn Capital Management Co. Inc. purchased a new stake in Innovative Industrial Properties in the third quarter worth about $640,000. Teachers Advisors LLC grew its holdings in Innovative Industrial Properties by 89.3% in the third quarter. Teachers Advisors LLC now owns 15,485 shares of the company’s stock worth $747,000 after purchasing an additional 7,306 shares during the period. Finally, Glenmede Trust Co. NA grew its holdings in Innovative Industrial Properties by 200.0% in the third quarter. Glenmede Trust Co. NA now owns 6,000 shares of the company’s stock worth $289,000 after purchasing an additional 4,000 shares during the period. Institutional investors own 29.76% of the company’s stock.
About Innovative Industrial Properties
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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