Metis Global Partners LLC Has $217,000 Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Metis Global Partners LLC grew its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 11.4% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 3,249 shares of the company’s stock after acquiring an additional 332 shares during the period. Metis Global Partners LLC’s holdings in Innovative Industrial Properties were worth $217,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Pacer Advisors Inc. acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $42,006,000. Wellington Management Group LLP raised its position in shares of Innovative Industrial Properties by 48.6% in 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 in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Innovative Industrial Properties by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock valued at $61,563,000 after buying an additional 10,711 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Innovative Industrial Properties by 25.8% in the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock valued at $25,233,000 after buying an additional 77,552 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its position in shares of Innovative Industrial Properties by 17.5% in 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 in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $72.82 on Friday. The firm’s fifty day moving average price is $70.10 and its two-hundred day moving average price is $101.86. The stock has a market cap of $2.06 billion, a PE ratio of 13.17 and a beta of 1.49. Innovative Industrial Properties, Inc. has a fifty-two week low of $62.45 and a fifty-two week high of $138.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32.

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

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 10.44%. Innovative Industrial Properties’s dividend payout ratio is 137.43%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on IIPR shares. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their price target for the company from $125.00 to $78.00 in a research report on Friday, December 20th. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. 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 report on Friday, February 21st. Piper Sandler downgraded shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $118.00 to $70.00 in a research report on Friday, December 20th. Finally, BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $102.00.

Insider Buying and Selling

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the company’s 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 of the company’s stock, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 1.50% of the stock is currently owned by insiders.

Innovative Industrial Properties Company Profile

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.