CIBC Asset Management Inc makes new investment in Innovative Industrial Properties, Inc. (NYSE:IIPR)

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CIBC Asset Management Inc. acquired a new position in Innovative Industrial Properties, Inc. (NYSE:IIPR) in the third quarter, according to the company in its latest filing with the Securities & Exchange Commission. The institutional investor acquired 984 shares of the company, valued at approximately $227,000.

Other institutional investors have also recently changed their stake in the company. Berman Capital Advisors LLC raised its position in Innovative Industrial Properties shares by 90.9% in the third quarter. Berman Capital Advisors LLC now owns 147 shares of the company worth $33,000 after acquiring 70 additional shares during the period. Total Clarity Wealth Management Inc. purchased a new stake in shares of Innovative Industrial Properties during the third quarter valued at approximately $38,000. Lazard Asset Management LLC increased its stake in shares of Innovative Industrial Properties by 147.1% during the second quarter. Lazard Asset Management LLC now owns 168 shares of the company worth $32,000 after buying an additional 100 shares in the last quarter. FORA Capital LLC purchased a new stake in shares of Innovative Industrial Properties during the second quarter for a value of approximately $33,000. Finally, Atticus Wealth Management LLC purchased a new stake in shares of Innovative Industrial Properties during the third quarter at a value of approximately $62,000. Institutional investors and hedge funds hold 76.00% of the company’s shares.

NYSE IIPR shares opened at $194.63 on Tuesday. Innovative Industrial Properties, Inc. has a 12-month low of $160.91 and a 12-month high of $288.02. The stock has a market capitalization of $4.66 billion, a PE ratio of 44.95 and a beta of 1.45. The company has a current ratio of 80.69, a quick ratio of 80.69 and a debt ratio of 0.29. The company has a 50-day moving average of $243.97 and a 200-day moving average of $239.83.

Innovative Industrial Properties (NYSE:IIPR) last reported quarterly earnings data on Wednesday, November 3. The company reported earnings per share (EPS) of $1.20 for the quarter, beating the consensus estimate of $1.16 by $0.04. Innovative Industrial Properties posted a net margin of 58.40% and a return on equity of 7.10%. The company posted revenue of $53.86 million in the quarter, compared to $52.80 million expected by analysts. On average, sell-side analysts expect Innovative Industrial Properties, Inc. to post EPS of 6.34 for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Friday, January 14. Investors of record on Friday, December 31 received a dividend of $1.50 per share. The ex-dividend date was Thursday, December 30. This represents an annualized dividend of $6.00 and a yield of 3.08%. Innovative Industrial Properties’ dividend payout ratio is currently 138.57%.

In other innovative industrial property news, Chairman Alan D. Gold sold 804 shares of the company in a trade dated Friday, November 12. The shares were sold at an average price of $34.63, for a total value of $27,842.52. The transaction was disclosed in a document filed with the SEC, accessible via this hyperlink. Additionally, Chairman Alan D. Gold sold 2,987 shares of the company in a trade dated Wednesday, Nov. 17. The shares were sold at an average price of $33.95, for a total transaction of $101,408.65. The disclosure of this sale can be found here. Insiders sold a total of 5,158 shares of the company worth $176,768 during the last quarter. 1.80% of the shares are currently held by insiders of the company.

IIPR has been the subject of several research reports. Zacks Investment Research moved shares of Innovative Industrial Properties from a “hold” rating to a “sell” rating in a Tuesday, Jan. 11 research note. Piper Sandler cut her price target on shares of Innovative Industrial Properties from $290.00 to $285.00 in a Friday, January 14 research note. Finally, JMP Securities raised its price target on Innovative Industrial Properties stock from $260.00 to $300.00 and gave the stock an “outperform” rating in a Thursday, Nov. 4 research note. One analyst has assigned the stock a sell rating, one has issued a hold rating and four have assigned the stock a buy rating. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $266.43.

Company Profile Innovative Industrial Properties

Innovative Industrial Properties, Inc. is a real estate investment trust engaged in the acquisition, ownership and management of industrial properties. It operates through the following geographic segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Nevada, New York, North Dakota, Ohio and Pennsylvania.

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