SeaCrest Wealth Management LLC Purchases 1,269 Shares of Innovative Industrial Properties Inc (NYSE:IIPR)

SeaCrest Wealth Management LLC increased its position in shares of Innovative Industrial Properties Inc (NYSE:IIPR) by 71.5% in the 2nd quarter, HoldingsChannel reports. The firm owned 3,045 shares of the company’s stock after acquiring an additional 1,269 shares during the quarter. SeaCrest Wealth Management LLC’s holdings in Innovative Industrial Properties were worth $376,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Covenant Multifamily Offices LLC bought a new position in shares of Innovative Industrial Properties in the first quarter worth about $25,000. Focused Wealth Management Inc lifted its holdings in shares of Innovative Industrial Properties by 230.0% in the second quarter. Focused Wealth Management Inc now owns 330 shares of the company’s stock worth $41,000 after acquiring an additional 230 shares during the last quarter. CENTRAL TRUST Co bought a new position in shares of Innovative Industrial Properties in the first quarter worth about $41,000. RPG Investment Advisory LLC lifted its holdings in shares of Innovative Industrial Properties by 700.0% in the first quarter. RPG Investment Advisory LLC now owns 600 shares of the company’s stock worth $49,000 after acquiring an additional 525 shares during the last quarter. Finally, Valeo Financial Advisors LLC lifted its holdings in shares of Innovative Industrial Properties by 65.0% in the first quarter. Valeo Financial Advisors LLC now owns 825 shares of the company’s stock worth $67,000 after acquiring an additional 325 shares during the last quarter. 61.37% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have recently commented on IIPR shares. BTIG Research increased their target price on shares of Innovative Industrial Properties to $148.00 and gave the stock a “buy” rating in a report on Thursday, June 20th. ValuEngine cut shares of Innovative Industrial Properties from a “buy” rating to a “hold” rating in a report on Thursday. Finally, Zacks Investment Research raised shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $139.00 target price for the company in a report on Wednesday, June 26th. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Innovative Industrial Properties has an average rating of “Buy” and a consensus target price of $96.25.

NYSE IIPR traded up $1.47 during trading hours on Friday, reaching $103.31. The company’s stock had a trading volume of 166,483 shares, compared to its average volume of 685,581. The company’s fifty day simple moving average is $120.08. The firm has a market capitalization of $984.83 million, a PE ratio of 77.10 and a beta of 2.02. Innovative Industrial Properties Inc has a 52 week low of $32.83 and a 52 week high of $139.53. The company has a debt-to-equity ratio of 0.52, a quick ratio of 209.93 and a current ratio of 209.93.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, May 8th. The company reported $0.34 earnings per share (EPS) for the quarter. The business had revenue of $6.82 million during the quarter. Innovative Industrial Properties had a net margin of 51.37% and a return on equity of 4.97%. On average, sell-side analysts expect that Innovative Industrial Properties Inc will post 2.53 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a yield of 2.32%. The ex-dividend date of this dividend was Thursday, June 27th. This is a positive change from Innovative Industrial Properties’s previous quarterly dividend of $0.45. Innovative Industrial Properties’s dividend payout ratio (DPR) is 179.10%.

In other Innovative Industrial Properties news, VP Brian J. Wolfe sold 3,181 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $89.01, for a total transaction of $283,140.81. Following the completion of the sale, the vice president now owns 14,955 shares of the company’s stock, valued at approximately $1,331,144.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul E. Smithers sold 2,000 shares of the stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $90.50, for a total transaction of $181,000.00. Following the sale, the chief executive officer now directly owns 45,565 shares of the company’s stock, 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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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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