Tiemann Investment Advisors LLC purchased a new stake in Innovative Industrial Properties Inc (NYSE:IIPR) during the first quarter, HoldingsChannel reports. The firm purchased 3,661 shares of the company’s stock, valued at approximately $299,000.
Other institutional investors and hedge funds have also bought and sold shares of the company. Covenant Multifamily Offices LLC bought a new stake in Innovative Industrial Properties in the 1st quarter valued at $25,000. Fifth Third Bancorp bought a new stake in Innovative Industrial Properties in the 1st quarter valued at $32,000. US Bancorp DE raised its stake in Innovative Industrial Properties by 100.0% in the 1st quarter. US Bancorp DE now owns 400 shares of the company’s stock valued at $33,000 after acquiring an additional 200 shares during the period. Tyers Asset Management LLC bought a new stake in Innovative Industrial Properties in the 1st quarter valued at $37,000. Finally, CENTRAL TRUST Co bought a new stake in Innovative Industrial Properties in the 1st quarter valued at $41,000. Institutional investors and hedge funds own 61.55% of the company’s stock.
IIPR stock traded up $6.60 during trading hours on Friday, hitting $107.51. 13,093 shares of the stock were exchanged, compared to its average volume of 328,813. The company has a debt-to-equity ratio of 0.52, a current ratio of 209.93 and a quick ratio of 209.93. The stock has a market capitalization of $1.02 billion, a price-to-earnings ratio of 80.61 and a beta of 1.58. Innovative Industrial Properties Inc has a 12 month low of $31.61 and a 12 month high of $102.30.
Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, March 13th. The company reported $0.24 earnings per share for the quarter. The firm had revenue of $4.78 million for the quarter. Innovative Industrial Properties had a return on equity of 4.97% and a net margin of 51.37%. Research analysts expect that Innovative Industrial Properties Inc will post 2.64 EPS for the current year.
IIPR has been the topic of a number of research analyst reports. BTIG Research increased their price target on Innovative Industrial Properties to $101.00 and gave the company a “buy” rating in a research note on Tuesday, March 19th. Zacks Investment Research upgraded Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research note on Saturday, February 16th. Finally, LADENBURG THALM/SH SH cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Wednesday, March 20th. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Buy” and a consensus price target of $66.75.
In other Innovative Industrial Properties news, VP Brian J. Wolfe sold 3,181 shares of the stock in a transaction on Friday, May 17th. The stock was sold at an average price of $89.01, for a total transaction of $283,140.81. Following the transaction, the vice president now owns 14,955 shares in the company, valued at approximately $1,331,144.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Paul E. Smithers sold 2,000 shares of the stock in a transaction on Friday, May 17th. The stock was sold at an average price of $90.50, for a total value of $181,000.00. Following the transaction, the chief executive officer now owns 45,565 shares in the company, valued at approximately $4,123,632.50. The disclosure for this sale can be found here. 5.20% of the stock is owned by company insiders.
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 has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.
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