Pacer Advisors Inc. Buys Shares of 630,340 Innovative Industrial Properties, Inc. (NYSE:IIPR)

Pacer Advisors Inc. bought a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 630,340 shares of the company’s stock, valued at approximately $42,006,000. Pacer Advisors Inc. owned 2.22% of Innovative Industrial Properties at the end of the most recent reporting period.

Several other large investors have also modified their holdings of IIPR. Wellington Management Group LLP boosted its position in shares of Innovative Industrial Properties by 48.6% during the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after buying an additional 185,855 shares during the period. Empirical Asset Management LLC purchased a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $4,794,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Innovative Industrial Properties by 1,054.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company’s stock valued at $8,354,000 after buying an additional 56,689 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after buying an additional 45,779 shares during the period. Finally, JPMorgan Chase & Co. boosted its position in shares of Innovative Industrial Properties by 17.5% during the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock valued at $31,928,000 after buying an additional 35,269 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IIPR. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Finally, Piper Sandler downgraded shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $118.00 to $70.00 in a research note on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, Innovative Industrial Properties presently has an average rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR opened at $69.21 on Tuesday. The firm has a 50 day moving average of $85.32 and a 200 day moving average of $110.50. The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of 12.32 and a beta of 1.39. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 52 week low of $62.45 and a 52 week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The business had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the company posted $2.29 earnings per share. On average, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.98%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is presently 135.23%.

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.