Bristlecone Advisors LLC Grows Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Bristlecone Advisors LLC raised its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 4.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 13,177 shares of the company’s stock after buying an additional 577 shares during the period. Bristlecone Advisors LLC’s holdings in Innovative Industrial Properties were worth $878,000 as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. AQR Capital Management LLC lifted its holdings in Innovative Industrial Properties by 25.0% during the second quarter. AQR Capital Management LLC now owns 3,188 shares of the company’s stock worth $348,000 after acquiring an additional 637 shares during the period. SG Americas Securities LLC bought a new stake in Innovative Industrial Properties during the third quarter worth $155,000. GAMMA Investing LLC lifted its holdings in Innovative Industrial Properties by 46.3% during the third quarter. GAMMA Investing LLC now owns 632 shares of the company’s stock worth $85,000 after acquiring an additional 200 shares during the period. BOS Asset Management LLC bought a new stake in Innovative Industrial Properties during the third quarter worth $221,000. Finally, Good Life Advisors LLC bought a new stake in Innovative Industrial Properties during the third quarter worth $334,000. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $74.00 on Tuesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. Innovative Industrial Properties, Inc. has a 52-week low of $62.45 and a 52-week high of $138.35. The firm has a market cap of $2.10 billion, a price-to-earnings ratio of 13.17 and a beta of 1.40. The business’s fifty day moving average is $78.05 and its 200 day moving average is $107.14.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.27%. Innovative Industrial Properties’s payout ratio is 135.23%.

Analysts Set New Price Targets

A number of analysts recently commented on the company. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their target price for the company from $125.00 to $78.00 in a research note on Friday, December 20th. Piper Sandler lowered Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $118.00 to $70.00 in a research note on Friday, December 20th. Finally, Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus target price of $104.50.

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.