Koshinski Asset Management Inc. Makes New Investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Koshinski Asset Management Inc. purchased a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 3,690 shares of the company’s stock, valued at approximately $853,000.

Other hedge funds and other institutional investors have also modified their holdings of the company. Arizona State Retirement System raised its stake in shares of Innovative Industrial Properties by 0.8% in the second quarter. Arizona State Retirement System now owns 6,504 shares of the company’s stock worth $1,242,000 after purchasing an additional 49 shares during the last quarter. Vident Investment Advisory LLC raised its stake in shares of Innovative Industrial Properties by 2.5% in the second quarter. Vident Investment Advisory LLC now owns 2,135 shares of the company’s stock worth $408,000 after purchasing an additional 52 shares during the last quarter. Great Valley Advisor Group Inc. raised its stake in shares of Innovative Industrial Properties by 4.1% in the second quarter. Great Valley Advisor Group Inc. now owns 1,441 shares of the company’s stock worth $265,000 after purchasing an additional 57 shares during the last quarter. Aptus Capital Advisors LLC raised its stake in shares of Innovative Industrial Properties by 4.4% in the second quarter. Aptus Capital Advisors LLC now owns 1,418 shares of the company’s stock worth $271,000 after purchasing an additional 60 shares during the last quarter. Finally, GWM Advisors LLC raised its stake in shares of Innovative Industrial Properties by 5.3% in the second quarter. GWM Advisors LLC now owns 1,263 shares of the company’s stock worth $241,000 after purchasing an additional 64 shares during the last quarter. 75.02% of the stock is owned by institutional investors and hedge funds.

In other Innovative Industrial Properties news, Chairman Alan D. Gold sold 804 shares of the business’s stock in a transaction on Friday, November 12th. The stock was sold at an average price of $34.63, for a total transaction of $27,842.52. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Scott Shoemaker sold 360 shares of the business’s stock in a transaction on Wednesday, September 15th. The stock was sold at an average price of $233.00, for a total value of $83,880.00. The disclosure for this sale can be found here. Insiders sold 12,247 shares of company stock worth $1,345,760 over the last ninety days. Corporate insiders own 1.80% of the company’s stock.

Several research analysts have recently issued reports on the company. Zacks Investment Research cut Innovative Industrial Properties from a “hold” rating to a “sell” rating and set a $256.00 price objective for the company. in a research note on Wednesday, October 6th. Roth Capital lifted their price target on Innovative Industrial Properties from $215.00 to $245.00 and gave the company a “buy” rating in a research report on Friday, August 6th. BTIG Research lifted their price target on Innovative Industrial Properties from $245.00 to $290.00 and gave the company a “buy” rating in a research report on Wednesday, September 1st. JMP Securities lifted their price target on Innovative Industrial Properties from $260.00 to $300.00 and gave the company an “outperform” rating in a research report on Thursday, November 4th. Finally, Craig Hallum lifted their price target on Innovative Industrial Properties from $175.00 to $240.00 and gave the company a “hold” rating in a research report on Monday, August 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and an average target price of $256.25.

Shares of NYSE:IIPR opened at $269.08 on Thursday. The company has a debt-to-equity ratio of 0.29, a current ratio of 80.69 and a quick ratio of 80.69. The business’s 50 day moving average price is $253.54 and its 200-day moving average price is $223.19. The firm has a market capitalization of $6.44 billion, a PE ratio of 62.14 and a beta of 1.46. Innovative Industrial Properties, Inc. has a 1 year low of $146.81 and a 1 year high of $288.02.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, November 3rd. The company reported $1.20 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.04. Innovative Industrial Properties had a return on equity of 7.10% and a net margin of 58.40%. As a group, analysts expect that Innovative Industrial Properties, Inc. will post 6.46 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Friday, October 15th. Stockholders of record on Thursday, September 30th were paid a $1.50 dividend. The ex-dividend date was Wednesday, September 29th. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $1.40. This represents a $6.00 dividend on an annualized basis and a dividend yield of 2.23%. Innovative Industrial Properties’s payout ratio is currently 138.57%.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New York, North Dakota, Ohio, and Pennsylvania.

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

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