Bank of New York Mellon Corp Takes $782,000 Position in Innovative Industrial Properties Inc (IIPR)

Share on StockTwits

Bank of New York Mellon Corp purchased a new stake in Innovative Industrial Properties Inc (NYSE:IIPR) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 21,362 shares of the company’s stock, valued at approximately $782,000. Bank of New York Mellon Corp owned approximately 0.31% of Innovative Industrial Properties as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Rhumbline Advisers purchased a new stake in Innovative Industrial Properties in the 2nd quarter valued at $229,000. Emerald Mutual Fund Advisers Trust purchased a new stake in Innovative Industrial Properties in the 2nd quarter worth about $4,333,000. Cornerstone Wealth Management LLC bought a new position in Innovative Industrial Properties in the 2nd quarter worth about $222,000. Millennium Management LLC bought a new position in Innovative Industrial Properties in the 1st quarter worth about $1,552,000. Finally, Ladenburg Thalmann Financial Services Inc. boosted its stake in Innovative Industrial Properties by 70.6% in the 1st quarter. Ladenburg Thalmann Financial Services Inc. now owns 21,586 shares of the company’s stock worth $577,000 after purchasing an additional 8,936 shares during the period. Institutional investors own 37.87% of the company’s stock.

In other Innovative Industrial Properties news, major shareholder Hg Vora Capital Management, Ll sold 475,000 shares of the firm’s stock in a transaction on Thursday, September 20th. The stock was sold at an average price of $44.29, for a total transaction of $21,037,750.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Alan D. Gold acquired 67,500 shares of Innovative Industrial Properties stock in a transaction on Thursday, October 4th. The shares were purchased at an average price of $40.00 per share, for a total transaction of $2,700,000.00. Following the completion of the acquisition, the insider now directly owns 313,867 shares in the company, valued at $12,554,680. The disclosure for this purchase can be found here. Corporate insiders own 6.20% of the company’s stock.

IIPR has been the subject of a number of research analyst reports. LADENBURG THALM/SH SH set a $41.00 price target on Innovative Industrial Properties and gave the company a “buy” rating in a research report on Tuesday, August 14th. Compass Point lifted their price target on Innovative Industrial Properties from $48.00 to $50.00 and gave the stock a “buy” rating in a research note on Monday, October 8th. Finally, Zacks Investment Research raised Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a research note on Tuesday, September 25th.

Innovative Industrial Properties stock traded down $0.83 during mid-day trading on Friday, hitting $44.51. The company had a trading volume of 160,722 shares, compared to its average volume of 191,735. The company has a market capitalization of $398.30 million, a price-to-earnings ratio of 66.43 and a beta of 0.86. Innovative Industrial Properties Inc has a 12 month low of $18.06 and a 12 month high of $49.74.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Friday, August 10th. The company reported $0.17 earnings per share (EPS) for the quarter. The firm had revenue of $3.31 million for the quarter. Innovative Industrial Properties had a return on equity of 4.11% and a net margin of 37.34%. On average, equities analysts expect that Innovative Industrial Properties Inc will post 1.11 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were given a $0.35 dividend. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $0.25. The ex-dividend date was Thursday, September 27th. This represents a $1.40 dividend on an annualized basis and a yield of 3.15%. Innovative Industrial Properties’s dividend payout ratio is presently 208.96%.

COPYRIGHT VIOLATION NOTICE: This piece was originally published by BBNS and is owned by of BBNS. If you are viewing this piece on another website, it was stolen and republished in violation of United States and international trademark and copyright law. The legal version of this piece can be accessed at https://baseballnewssource.com/2018/11/10/bank-of-new-york-mellon-corp-takes-782000-position-in-innovative-industrial-properties-inc-iipr/2847336.html.

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 intends to elect to be taxed as a real estate investment trust.

Further Reading: Short Selling Stocks, A Beginner’s Guide

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

Receive News & Ratings for Innovative Industrial Properties Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Innovative Industrial Properties and related companies with MarketBeat.com's FREE daily email newsletter.

 


Latest News

Yu Darvish Receives Cortisone Shot for Elbow Impingement
Yu Darvish Receives Cortisone Shot for Elbow Impingement
Red Sox and Brandon Phillips Agree to Minor League Deal
Red Sox and Brandon Phillips Agree to Minor League Deal
Chris Sale Proves He is 2018 AL Cy Young Candidate
Chris Sale Proves He is 2018 AL Cy Young Candidate
Strong Results by Clint Frazier Could Keep Him with Yankees
Strong Results by Clint Frazier Could Keep Him with Yankees
Giants Closer Breaks Hand Punching Door Following Poor Outing
Giants Closer Breaks Hand Punching Door Following Poor Outing
Evan Longoria Out Six to Eight Weeks With Broken Hand
Evan Longoria Out Six to Eight Weeks With Broken Hand


Leave a Reply

 
© 2006-2018 BBNS.