Uniplan Investment Counsel Inc. cut its holdings in Innovative Industrial Properties Inc (NYSE:IIPR) by 2.9% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 53,788 shares of the company’s stock after selling 1,631 shares during the quarter. Uniplan Investment Counsel Inc. owned 0.57% of Innovative Industrial Properties worth $2,441,000 as of its most recent SEC filing.
Several other institutional investors have also bought and sold shares of IIPR. New York State Teachers Retirement System acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter worth approximately $27,000. Patten Group Inc. acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter worth approximately $27,000. BerganKDV Wealth Management LLC boosted its stake in shares of Innovative Industrial Properties by 215.1% in the fourth quarter. BerganKDV Wealth Management LLC now owns 1,481 shares of the company’s stock worth $67,000 after acquiring an additional 1,011 shares during the last quarter. Advisor Group Inc. boosted its stake in shares of Innovative Industrial Properties by 30.3% in the fourth quarter. Advisor Group Inc. now owns 1,600 shares of the company’s stock worth $72,000 after acquiring an additional 372 shares during the last quarter. Finally, Daiwa Securities Group Inc. boosted its stake in shares of Innovative Industrial Properties by 80.0% in the fourth quarter. Daiwa Securities Group Inc. now owns 1,800 shares of the company’s stock worth $82,000 after acquiring an additional 800 shares during the last quarter. Institutional investors and hedge funds own 56.78% of the company’s stock.
A number of brokerages have recently issued reports on IIPR. Zacks Investment Research raised Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research note on Saturday, February 16th. BTIG Research began coverage on Innovative Industrial Properties in a research note on Monday, January 14th. They set a “buy” rating and a $60.00 price objective on the stock. Finally, TheStreet raised Innovative Industrial Properties from a “c” rating to a “b-” rating in a research note on Friday, November 30th. Five investment analysts have rated the stock with a buy rating, Innovative Industrial Properties has a consensus rating of “Buy” and an average price target of $56.50.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, April 15th. Shareholders of record on Friday, March 29th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, March 28th. This represents a $1.80 dividend on an annualized basis and a yield of 2.24%. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $0.35. Innovative Industrial Properties’s payout ratio is 208.96%.
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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.
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