Klein Pavlis & Peasley Financial Inc. Reduces Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Klein Pavlis & Peasley Financial Inc. trimmed its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,597 shares of the company’s stock after selling 180 shares during the quarter. Klein Pavlis & Peasley Financial Inc.’s holdings in Innovative Industrial Properties were worth $839,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in IIPR. JPMorgan Chase & Co. raised its stake in Innovative Industrial Properties by 17.5% during the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after purchasing an additional 35,269 shares during the period. Barclays PLC increased its holdings in shares of Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after buying an additional 31,295 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Innovative Industrial Properties by 31.9% during the 3rd quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock valued at $7,133,000 after buying an additional 12,791 shares during the period. CWA Asset Management Group LLC acquired a new position in Innovative Industrial Properties in the third quarter valued at approximately $713,000. Finally, Versor Investments LP grew its position in Innovative Industrial Properties by 98.3% in the third quarter. Versor Investments LP now owns 12,227 shares of the company’s stock worth $1,646,000 after acquiring an additional 6,062 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. Compass Point lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price target for the company from $125.00 to $78.00 in a research note on Friday, December 20th. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $118.00 to $70.00 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. Finally, BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $104.50.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock opened at $73.35 on Thursday. Innovative Industrial Properties, Inc. has a one year low of $62.45 and a one year high of $138.35. The business has a 50-day simple moving average of $80.20 and a 200-day simple moving average of $108.23. The company has a market cap of $2.08 billion, a PE ratio of 13.05 and a beta of 1.40. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The company had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period last year, the business earned $2.29 earnings per share. On average, equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 10.36%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is currently 135.23%.

Innovative Industrial Properties Company 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.