Investors Research Corp Cuts Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Investors Research Corp lowered its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 24.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,740 shares of the company’s stock after selling 910 shares during the quarter. Investors Research Corp’s holdings in Innovative Industrial Properties were worth $183,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also bought and sold shares of the company. Bogart Wealth LLC purchased a new stake in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $27,000. Compass Financial Services Inc purchased a new stake in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $32,000. Smartleaf Asset Management LLC boosted its stake in shares of Innovative Industrial Properties by 182.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock valued at $43,000 after purchasing an additional 417 shares during the period. Canton Hathaway LLC purchased a new stake in shares of Innovative Industrial Properties during the third quarter valued at approximately $55,000. Finally, Loomis Sayles & Co. L P boosted its stake in shares of Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after purchasing an additional 407 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $71.59 on Tuesday. The stock has a fifty day moving average of $70.25 and a 200 day moving average of $101.07. Innovative Industrial Properties, Inc. has a 52 week low of $62.45 and a 52 week high of $138.35. The firm has a market capitalization of $2.03 billion, a price-to-earnings ratio of 12.95 and a beta of 1.49. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The firm had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. As a group, research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $1.90 per share. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 10.62%. Innovative Industrial Properties’s payout ratio is 137.43%.

Wall Street Analyst Weigh In

IIPR has been the subject of a number of analyst reports. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $125.00 to $78.00 in a research note on Friday, December 20th. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Alliance Global Partners lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Piper Sandler lowered Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and dropped their price target for the stock from $118.00 to $70.00 in a research note on Friday, December 20th. Finally, Roth Mkm dropped their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. One equities 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. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $102.00.

Insider Transactions at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.50% of the company’s stock.

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.