Sierra Ocean LLC Buys Shares of 1,160 Innovative Industrial Properties, Inc. (NYSE:IIPR)

Sierra Ocean LLC bought a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 1,160 shares of the company’s stock, valued at approximately $77,000.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Pacer Advisors Inc. bought a new position in shares of Innovative Industrial Properties in the fourth quarter worth $42,006,000. Wellington Management Group LLP increased its holdings 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 worth $76,490,000 after purchasing an additional 185,855 shares during the period. Cambiar Investors LLC increased its holdings in shares of Innovative Industrial Properties by 370.0% in the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock worth $7,216,000 after purchasing an additional 85,244 shares during the period. Empirical Asset Management LLC bought a new position in shares of Innovative Industrial Properties in the fourth quarter worth $4,794,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in shares of Innovative Industrial Properties by 1,054.5% in 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 worth $8,354,000 after purchasing an additional 56,689 shares during the period. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 1.9 %

NYSE:IIPR opened at $73.17 on Tuesday. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 12 month low of $62.45 and a 12 month high of $138.35. The company has a market cap of $2.07 billion, a PE ratio of 13.02 and a beta of 1.40. The company has a 50 day simple moving average of $74.70 and a two-hundred day simple moving average of $105.41.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 10.39%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Analyst Ratings Changes

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