Bristlecone Advisors LLC Boosts Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Bristlecone Advisors LLC raised its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 4.6% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 13,177 shares of the company’s stock after buying an additional 577 shares during the quarter. Bristlecone Advisors LLC’s holdings in Innovative Industrial Properties were worth $878,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Pacer Advisors Inc. purchased a new position in Innovative Industrial Properties during the fourth quarter worth about $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 in the last quarter. Charles Schwab Investment Management Inc. boosted its holdings in shares of Innovative Industrial Properties by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after purchasing an additional 10,711 shares in the last quarter. JPMorgan Chase & Co. boosted its holdings in shares of Innovative Industrial Properties by 17.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after purchasing an additional 35,269 shares in the last quarter. Finally, Empirical Asset Management LLC purchased a new position in shares of Innovative Industrial Properties in the 4th quarter worth about $4,794,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

IIPR has been the subject of a number of research reports. Piper Sandler cut Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their price objective for the stock from $118.00 to $70.00 in a report on Friday, December 20th. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $125.00 to $78.00 in a report on Friday, December 20th. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. 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 given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Trading Up 0.7 %

Shares of IIPR stock opened at $74.00 on Tuesday. The stock has a market capitalization of $2.10 billion, a PE ratio of 13.17 and a beta of 1.40. Innovative Industrial Properties, Inc. has a 1-year low of $62.45 and a 1-year high of $138.35. The business has a 50-day moving average of $78.05 and a 200 day moving average of $107.14. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 10.27%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is 135.23%.

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.