Amalgamated Bank Sells 262 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Amalgamated Bank reduced its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 2.9% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,642 shares of the company’s stock after selling 262 shares during the period. Amalgamated Bank’s holdings in Innovative Industrial Properties were worth $944,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Mercer Global Advisors Inc. ADV boosted its holdings in shares of Innovative Industrial Properties by 5.1% during the second quarter. Mercer Global Advisors Inc. ADV now owns 6,148 shares of the company’s stock worth $672,000 after purchasing an additional 300 shares during the period. Edgestream Partners L.P. lifted its holdings in Innovative Industrial Properties by 461.0% in the 2nd quarter. Edgestream Partners L.P. now owns 26,888 shares of the company’s stock worth $2,937,000 after buying an additional 22,095 shares during the period. Sierra Summit Advisors LLC purchased a new position in shares of Innovative Industrial Properties during the second quarter valued at approximately $672,000. Dimensional Fund Advisors LP raised its holdings in shares of Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after acquiring an additional 45,779 shares in the last quarter. Finally, Massachusetts Financial Services Co. MA lifted its stake in Innovative Industrial Properties by 49.6% in the second quarter. Massachusetts Financial Services Co. MA now owns 28,838 shares of the company’s stock worth $3,150,000 after acquiring an additional 9,558 shares during the period. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have commented on IIPR shares. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Piper Sandler raised their price objective on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. Finally, Roth Mkm upped their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Three analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $130.00.

Innovative Industrial Properties Stock Up 0.3 %

Shares of NYSE:IIPR opened at $135.84 on Friday. Innovative Industrial Properties, Inc. has a 12-month low of $69.08 and a 12-month high of $138.35. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15. The stock has a fifty day simple moving average of $123.79 and a two-hundred day simple moving average of $111.98. The stock has a market capitalization of $3.85 billion, a price-to-earnings ratio of 23.83 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The company had revenue of $79.79 million during the quarter, compared to the consensus estimate of $77.18 million. During the same quarter in the prior year, the firm earned $2.26 earnings per share. The business’s revenue was up 4.4% compared to the same quarter last year. On average, research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 5.59%. The ex-dividend date is Monday, September 30th. Innovative Industrial Properties’s payout ratio is 133.33%.

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.