PFG Investments LLC Sells 1,897 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

PFG Investments LLC trimmed its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 9.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 18,255 shares of the company’s stock after selling 1,897 shares during the period. PFG Investments LLC owned 0.06% of Innovative Industrial Properties worth $2,457,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in IIPR. USA Financial Formulas bought a new position in Innovative Industrial Properties in the 3rd quarter worth approximately $25,000. Blue Trust Inc. grew its position in shares of Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after purchasing an additional 438 shares in the last quarter. Signaturefd LLC grew its position in shares of Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares in the last quarter. Federated Hermes Inc. raised its stake in shares of Innovative Industrial Properties by 138.1% during the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after purchasing an additional 312 shares during the period. Finally, Plato Investment Management Ltd purchased a new stake in Innovative Industrial Properties during the 1st quarter worth about $80,000. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Price Performance

NYSE IIPR traded down $1.73 during trading on Friday, reaching $131.88. The company’s stock had a trading volume of 79,361 shares, compared to its average volume of 143,129. The firm has a fifty day moving average of $129.15 and a 200 day moving average of $116.34. Innovative Industrial Properties, Inc. has a one year low of $69.08 and a one year high of $138.35. The stock has a market capitalization of $3.74 billion, a PE ratio of 23.11 and a beta of 1.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 18.06 and a quick ratio of 18.06.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data 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 company had revenue of $79.79 million during the quarter, compared to the consensus estimate of $77.18 million. During the same quarter last year, the company posted $2.26 earnings per share. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. Analysts expect that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $1.90 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 5.76%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 133.33%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on IIPR. Roth Mkm lifted their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Piper Sandler boosted their price objective on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. Finally, Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd.

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.