Hsbc Holdings PLC Has $1.59 Million Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Hsbc Holdings PLC raised its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 11.9% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 23,887 shares of the company’s stock after purchasing an additional 2,544 shares during the period. Hsbc Holdings PLC’s holdings in Innovative Industrial Properties were worth $1,587,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also modified their holdings of IIPR. Bogart Wealth LLC acquired a new stake in Innovative Industrial Properties during the fourth quarter valued at $27,000. Compass Financial Services Inc acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at about $32,000. Smartleaf Asset Management LLC grew its stake in shares of Innovative Industrial Properties by 182.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock valued at $43,000 after buying an additional 417 shares in the last quarter. Headlands Technologies LLC acquired a new position in Innovative Industrial Properties in the fourth quarter worth approximately $50,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Innovative Industrial Properties during the fourth quarter valued at approximately $57,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Performance

IIPR opened at $54.97 on Friday. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The stock’s 50 day moving average price is $60.06 and its two-hundred day moving average price is $81.40. The firm has a market capitalization of $1.56 billion, a P/E ratio of 9.94 and a beta of 1.59. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. On average, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 13.82%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Wall Street Analyst Weigh In

Several research firms have commented on IIPR. Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Piper Sandler lowered their target price on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a research report on Tuesday, April 15th. Compass Point restated a “sell” rating and set a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Roth Mkm decreased their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Finally, Wolfe Research began coverage on Innovative Industrial Properties in a research note on Wednesday, April 23rd. They issued an “outperform” rating and a $57.00 price objective on the stock. Two analysts have rated the stock with a sell rating, four have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $78.67.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.50% 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 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.