Innovative Industrial Properties, Inc. (NYSE:IIPR) Holdings Cut by PFG Investments LLC

PFG Investments LLC lowered its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 33.4% during the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 12,160 shares of the company’s stock after selling 6,095 shares during the period. PFG Investments LLC’s holdings in Innovative Industrial Properties were worth $810,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of IIPR. Wellington Management Group LLP increased its stake in shares of Innovative Industrial Properties by 48.6% in the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after purchasing an additional 185,855 shares during the period. Charles Schwab Investment Management Inc. increased its stake in shares of Innovative Industrial Properties by 2.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock valued at $61,563,000 after purchasing an additional 10,711 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after purchasing an additional 45,779 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Innovative Industrial Properties by 17.5% in the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock valued at $31,928,000 after purchasing an additional 35,269 shares during the period. Finally, Empirical Asset Management LLC acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $4,794,000. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 1.7 %

Innovative Industrial Properties stock opened at $67.98 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The firm has a market cap of $1.93 billion, a price-to-earnings ratio of 12.10 and a beta of 1.39. Innovative Industrial Properties, Inc. has a 1 year low of $62.45 and a 1 year high of $138.35. The firm’s 50 day moving average price is $84.56 and its two-hundred day moving average price is $110.16.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same period in the prior year, the business posted $2.29 EPS. The company’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, research analysts predict 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. Investors of record on Tuesday, December 31st were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 11.18%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is 135.23%.

Analyst Ratings Changes

Several equities research analysts have commented on IIPR shares. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Alliance Global Partners lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $125.00 to $78.00 in a research note on Friday, December 20th. Finally, Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their price objective for the company from $118.00 to $70.00 in a research note on Friday, December 20th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Hold” and a consensus target price of $104.50.

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.