Vanguard Group Inc. Decreases Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Vanguard Group Inc. cut its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 0.1% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 4,382,796 shares of the company’s stock after selling 3,796 shares during the period. Vanguard Group Inc. owned about 15.54% of Innovative Industrial Properties worth $441,873,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Creekmur Asset Management LLC purchased a new stake in Innovative Industrial Properties during the 4th quarter worth about $523,000. Virtu Financial LLC increased its position in shares of Innovative Industrial Properties by 4.2% during the fourth quarter. Virtu Financial LLC now owns 5,733 shares of the company’s stock worth $578,000 after purchasing an additional 230 shares in the last quarter. KPP Advisory Services LLC acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth about $254,000. American Assets Investment Management LLC increased its position in shares of Innovative Industrial Properties by 13.8% during the fourth quarter. American Assets Investment Management LLC now owns 5,059 shares of the company’s stock worth $510,000 after purchasing an additional 614 shares in the last quarter. Finally, Pinebridge Investments L.P. acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth about $763,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Piper Sandler boosted their price target on Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $109.02 on Thursday. Innovative Industrial Properties, Inc. has a 12 month low of $69.08 and a 12 month high of $115.75. The company has a debt-to-equity ratio of 0.15, a current ratio of 14.27 and a quick ratio of 14.27. The business’s 50 day simple moving average is $106.51 and its 200-day simple moving average is $99.98. The firm has a market capitalization of $3.09 billion, a price-to-earnings ratio of 19.13 and a beta of 1.51.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, May 8th. The company reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.74). The company had revenue of $75.45 million during the quarter, compared to analysts’ expectations of $79.65 million. Innovative Industrial Properties had a net margin of 53.07% and a return on equity of 8.46%. As a group, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.5 earnings per share for the current fiscal year.

Innovative Industrial Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Stockholders of record on Friday, June 28th will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.97%. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.82. The ex-dividend date is Thursday, June 27th. Innovative Industrial Properties’s dividend payout ratio is presently 133.33%.

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.