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

Investors Research Corp lowered its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 24.4% during the third quarter, HoldingsChannel reports. The firm owned 3,650 shares of the company’s stock after selling 1,175 shares during the quarter. Investors Research Corp’s holdings in Innovative Industrial Properties were worth $491,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. USA Financial Formulas purchased a new position in Innovative Industrial Properties during the 3rd quarter valued at about $25,000. Blue Trust Inc. raised its stake in Innovative Industrial Properties by 2,085.7% during the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after purchasing an additional 438 shares during the period. Signaturefd LLC grew its stake in shares of Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after buying an additional 150 shares during the period. Federated Hermes Inc. increased its holdings 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 worth $59,000 after buying an additional 312 shares during the last quarter. Finally, US Bancorp DE boosted its holdings in Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after acquiring an additional 189 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR traded up $0.86 during midday trading on Thursday, reaching $106.16. 10,520 shares of the company traded hands, compared to its average volume of 202,256. The stock has a 50-day moving average price of $126.79 and a 200 day moving average price of $118.61. The company has a market cap of $3.01 billion, a price-to-earnings ratio of 18.73 and a beta of 1.37. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. Innovative Industrial Properties, Inc. has a 52 week low of $78.10 and a 52 week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. Innovative Industrial Properties’s quarterly revenue was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.29 EPS. Sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued 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 7.16%. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

Wall Street Analyst Weigh In

IIPR has been the subject of several analyst reports. Piper Sandler decreased their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research note on Friday, November 8th. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Finally, Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Innovative Industrial Properties presently has an average rating of “Moderate Buy” and an average price target of $127.67.

About Innovative Industrial Properties

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.