Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Rhumbline Advisers

Rhumbline Advisers trimmed its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 0.6% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 101,267 shares of the company’s stock after selling 657 shares during the period. Rhumbline Advisers owned about 0.36% of Innovative Industrial Properties worth $11,060,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently made changes to their positions in the stock. Chesapeake Capital Corp IL acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth about $854,000. Pinebridge Investments L.P. acquired a new stake in Innovative Industrial Properties during the 4th quarter worth approximately $763,000. LSV Asset Management boosted its position in Innovative Industrial Properties by 124.4% in the 1st quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after buying an additional 56,200 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Innovative Industrial Properties by 4.2% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 378,945 shares of the company’s stock worth $38,205,000 after acquiring an additional 15,445 shares in the last quarter. Finally, Prevail Innovative Wealth Advisors LLC acquired a new position in shares of Innovative Industrial Properties in the first quarter worth $2,046,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently issued reports 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 lifted their price objective on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, August 9th.

Innovative Industrial Properties Trading Up 0.6 %

Shares of NYSE:IIPR opened at $125.52 on Thursday. The company has a market cap of $3.56 billion, a PE ratio of 22.03 and a beta of 1.35. The company’s 50 day moving average is $118.76 and its two-hundred day moving average is $108.83. Innovative Industrial Properties, Inc. has a 52 week low of $69.08 and a 52 week high of $127.36. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). The business had revenue of $79.79 million during the quarter, compared to analyst estimates of $77.18 million. Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The firm’s quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.26 earnings per share. Equities analysts predict that Innovative Industrial Properties, Inc. will post 8.41 earnings per share for the current fiscal year.

Innovative Industrial Properties Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a dividend of $1.90 per share. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $7.60 annualized dividend and a yield of 6.05%. Innovative Industrial Properties’s 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.