Prism Advisors Inc. Sells 800 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Prism Advisors Inc. lowered its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 23.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,663 shares of the company’s stock after selling 800 shares during the period. Prism Advisors Inc.’s holdings in Innovative Industrial Properties were worth $358,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in IIPR. Focused Wealth Management Inc raised its position in Innovative Industrial Properties by 2.4% during the second quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock valued at $432,000 after acquiring an additional 93 shares in the last quarter. Cape Investment Advisory Inc. lifted its position in Innovative Industrial Properties by 11.6% during the first quarter. Cape Investment Advisory Inc. now owns 1,098 shares of the company’s stock worth $114,000 after buying an additional 114 shares in the last quarter. Baader Bank Aktiengesellschaft raised its position in Innovative Industrial Properties by 2.1% in the second quarter. Baader Bank Aktiengesellschaft now owns 5,616 shares of the company’s stock valued at $611,000 after purchasing an additional 116 shares during the period. Hancock Whitney Corp raised its position in Innovative Industrial Properties by 2.4% in the first quarter. Hancock Whitney Corp now owns 5,227 shares of the company’s stock valued at $541,000 after purchasing an additional 124 shares during the period. Finally, Dynamic Advisor Solutions LLC raised its holdings in shares of Innovative Industrial Properties by 2.4% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 5,322 shares of the company’s stock valued at $581,000 after buying an additional 126 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

IIPR has been the subject of several analyst reports. Piper Sandler boosted their target price on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Finally, Roth Mkm upped their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 22nd.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $133.73 on Wednesday. The business’s fifty day moving average price is $126.10 and its two-hundred day moving average price is $114.54. The stock has a market cap of $3.79 billion, a PE ratio of 23.46 and a beta of 1.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06. Innovative Industrial Properties, Inc. has a one year low of $69.08 and a one year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The firm had revenue of $79.79 million during the quarter, compared to analysts’ expectations of $77.18 million. During the same period last year, the business posted $2.26 earnings per share. The company’s quarterly revenue was up 4.4% compared to the same quarter last year. On average, analysts forecast that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $1.90 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 5.68%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 133.33%.

Innovative Industrial Properties 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.