Morgan Stanley Purchases 108,703 Shares of Innovative Industrial Properties Inc (NYSE:IIPR)

Morgan Stanley lifted its position in Innovative Industrial Properties Inc (NYSE:IIPR) by 75.6% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 252,460 shares of the company’s stock after acquiring an additional 108,703 shares during the period. Morgan Stanley owned 1.48% of Innovative Industrial Properties worth $19,169,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Creative Planning increased its position in Innovative Industrial Properties by 1.1% during the 1st quarter. Creative Planning now owns 12,955 shares of the company’s stock valued at $984,000 after buying an additional 143 shares in the last quarter. PNC Financial Services Group Inc. boosted its stake in shares of Innovative Industrial Properties by 63.7% in the 4th quarter. PNC Financial Services Group Inc. now owns 419 shares of the company’s stock worth $32,000 after buying an additional 163 shares during the last quarter. Synovus Financial Corp boosted its stake in shares of Innovative Industrial Properties by 70.8% in the 1st quarter. Synovus Financial Corp now owns 410 shares of the company’s stock worth $31,000 after buying an additional 170 shares during the last quarter. Envestnet Asset Management Inc. boosted its stake in shares of Innovative Industrial Properties by 6.2% in the 4th quarter. Envestnet Asset Management Inc. now owns 3,025 shares of the company’s stock worth $230,000 after buying an additional 176 shares during the last quarter. Finally, Crossmark Global Holdings Inc. boosted its stake in shares of Innovative Industrial Properties by 3.2% in the 1st quarter. Crossmark Global Holdings Inc. now owns 5,850 shares of the company’s stock worth $444,000 after buying an additional 180 shares during the last quarter. 77.50% of the stock is owned by hedge funds and other institutional investors.

A number of research firms have recently issued reports on IIPR. Zacks Investment Research downgraded Innovative Industrial Properties from a “buy” rating to a “hold” rating in a research note on Thursday, May 28th. LADENBURG THALM/SH SH raised their price target on Innovative Industrial Properties from $83.50 to $104.00 and gave the stock a “buy” rating in a research note on Tuesday, June 23rd. Compass Point raised their price target on Innovative Industrial Properties from $75.00 to $100.00 and gave the stock a “buy” rating in a research note on Thursday, May 21st. Craig Hallum initiated coverage on Innovative Industrial Properties in a report on Tuesday, March 10th. They issued a “hold” rating and a $95.00 target price on the stock. Finally, Roth Capital began coverage on Innovative Industrial Properties in a report on Monday, March 16th. They issued a “buy” rating and a $110.00 target price on the stock. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company has an average rating of “Buy” and an average price target of $99.60.

Shares of NYSE IIPR opened at $88.02 on Wednesday. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of 37.46 and a beta of 1.31. Innovative Industrial Properties Inc has a 52-week low of $40.21 and a 52-week high of $139.53. The company has a debt-to-equity ratio of 0.16, a quick ratio of 292.08 and a current ratio of 292.08. The stock has a 50 day moving average price of $86.82 and a 200 day moving average price of $81.94.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, May 6th. The company reported $0.72 EPS for the quarter, missing analysts’ consensus estimates of $0.99 by ($0.27). The business had revenue of $21.13 million during the quarter, compared to the consensus estimate of $21.20 million. Innovative Industrial Properties had a return on equity of 6.14% and a net margin of 53.76%. Analysts forecast that Innovative Industrial Properties Inc will post 5.18 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th will be given a dividend of $1.06 per share. The ex-dividend date is Monday, June 29th. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.00. This represents a $4.24 dividend on an annualized basis and a dividend yield of 4.82%. Innovative Industrial Properties’s dividend payout ratio is presently 129.66%.

Innovative Industrial Properties 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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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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