Oppenheimer & Co. Inc. Buys 6,065 Shares of Innovative Industrial Properties Inc (NYSE:IIPR)

Oppenheimer & Co. Inc. lifted its stake in shares of Innovative Industrial Properties Inc (NYSE:IIPR) by 216.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 8,865 shares of the company’s stock after acquiring an additional 6,065 shares during the period. Oppenheimer & Co. Inc. owned approximately 0.05% of Innovative Industrial Properties worth $673,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of IIPR. Private Ocean LLC bought a new stake in Innovative Industrial Properties in the first quarter worth $30,000. Synovus Financial Corp lifted its stake in Innovative Industrial Properties by 70.8% in the first quarter. Synovus Financial Corp now owns 410 shares of the company’s stock worth $31,000 after purchasing an additional 170 shares during the last quarter. PNC Financial Services Group Inc. lifted its stake in Innovative Industrial Properties by 63.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 419 shares of the company’s stock worth $32,000 after purchasing an additional 163 shares during the last quarter. TRUE Private Wealth Advisors bought a new stake in Innovative Industrial Properties in the fourth quarter worth $33,000. Finally, AlphaCore Capital LLC bought a new stake in Innovative Industrial Properties in the first quarter worth $33,000. 77.48% of the stock is owned by institutional investors.

Several research firms have weighed in on IIPR. Roth Capital began coverage on shares of Innovative Industrial Properties in a research note on Monday, March 16th. They issued a “buy” rating and a $110.00 price target for the company. Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $89.00 price objective on the stock in a research report on Friday. LADENBURG THALM/SH SH boosted their price objective on shares of Innovative Industrial Properties from $69.50 to $83.50 and gave the company a “buy” rating in a research report on Wednesday, May 6th. Craig Hallum began coverage on shares of Innovative Industrial Properties in a research report on Tuesday, March 10th. They issued a “hold” rating and a $95.00 price objective on the stock. Finally, ValuEngine upgraded shares of Innovative Industrial Properties from a “sell” rating to a “hold” rating in a research report on Tuesday, March 3rd. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $104.25.

IIPR stock opened at $82.88 on Monday. The firm’s 50-day moving average price is $73.86 and its two-hundred day moving average price is $79.67. Innovative Industrial Properties Inc has a 12-month low of $40.21 and a 12-month high of $139.53. The stock has a market capitalization of $1.41 billion, a price-to-earnings ratio of 35.27 and a beta of 1.34. The company has a current ratio of 292.08, a quick ratio of 292.08 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, May 6th. The company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.99 by ($0.27). Innovative Industrial Properties had a net margin of 53.76% and a return on equity of 6.14%. The company had revenue of $21.13 million for the quarter, compared to analysts’ expectations of $21.20 million. Equities analysts predict that Innovative Industrial Properties Inc will post 5.3 EPS for the current year.

In related news, Director Gary A. Kreitzer purchased 2,000 shares of Innovative Industrial Properties stock in a transaction that occurred on Tuesday, March 17th. The shares were bought at an average price of $58.60 per share, for a total transaction of $117,200.00. Following the completion of the transaction, the director now directly owns 35,575 shares of the company’s stock, valued at $2,084,695. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Mary A. Curran purchased 750 shares of Innovative Industrial Properties stock in a transaction that occurred on Friday, March 13th. The shares were bought at an average price of $70.16 per share, for a total transaction of $52,620.00. Following the transaction, the director now directly owns 1,805 shares of the company’s stock, valued at $126,638.80. The disclosure for this purchase can be found here. 2.90% of the stock is owned by 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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