Cubist Systematic Strategies LLC Takes $3.40 Million Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Cubist Systematic Strategies LLC acquired a new position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 50,987 shares of the company’s stock, valued at approximately $3,398,000. Cubist Systematic Strategies LLC owned 0.18% of Innovative Industrial Properties as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in IIPR. Bogart Wealth LLC acquired a new position in Innovative Industrial Properties during the fourth quarter worth $27,000. Compass Financial Services Inc acquired a new position in Innovative Industrial Properties during the 4th quarter worth about $32,000. Smartleaf Asset Management LLC boosted its holdings in Innovative Industrial Properties by 182.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock valued at $43,000 after acquiring an additional 417 shares during the period. Headlands Technologies LLC acquired a new position in Innovative Industrial Properties in the 4th quarter valued at about $50,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in Innovative Industrial Properties during the fourth quarter worth about $57,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on IIPR shares. Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Compass Point reissued a “sell” rating and issued a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Roth Mkm dropped their price target on shares of 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. Wolfe Research started 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. Finally, Piper Sandler lowered their target price on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a research note on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $78.67.

Insider Activity at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the sale, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 1.50% of the stock is owned by corporate insiders.

Innovative Industrial Properties Stock Down 1.9 %

Shares of NYSE IIPR opened at $54.58 on Friday. The business has a 50-day moving average of $57.95 and a two-hundred day moving average of $77.77. The company has a market capitalization of $1.53 billion, a price-to-earnings ratio of 9.87 and a beta of 1.73. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.12). The business had revenue of $71.72 million during the quarter, compared to analyst estimates of $72.20 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same period last year, the company earned $2.21 earnings per share. On average, analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $1.90 per share. The ex-dividend date was Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 13.92%. Innovative Industrial Properties’s dividend payout ratio is currently 146.15%.

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.