Mutual of America Capital Management LLC Cuts Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Mutual of America Capital Management LLC lowered its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 8.5% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 4,268 shares of the company’s stock after selling 395 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Innovative Industrial Properties were worth $574,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the stock. Quadrature Capital Ltd bought a new position in Innovative Industrial Properties in the first quarter valued at $361,000. BOKF NA increased its position in shares of Innovative Industrial Properties by 113.9% during the 1st quarter. BOKF NA now owns 2,013 shares of the company’s stock valued at $203,000 after purchasing an additional 1,072 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Innovative Industrial Properties by 4.9% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 21,533 shares of the company’s stock valued at $2,230,000 after buying an additional 1,007 shares in the last quarter. Hancock Whitney Corp lifted its position in Innovative Industrial Properties by 2.4% in the 1st quarter. Hancock Whitney Corp now owns 5,227 shares of the company’s stock worth $541,000 after buying an additional 124 shares during the last quarter. Finally, Plato Investment Management Ltd purchased a new stake in Innovative Industrial Properties in the first quarter worth approximately $80,000. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Stock Down 2.2 %

Shares of Innovative Industrial Properties stock opened at $109.36 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. Innovative Industrial Properties, Inc. has a 52-week low of $78.10 and a 52-week high of $138.35. The company’s 50 day moving average price is $125.51 and its 200-day moving average price is $118.70. The stock has a market capitalization of $3.10 billion, a price-to-earnings ratio of 19.72 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The firm had revenue of $76.53 million during the quarter, compared to the consensus estimate 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 revenue was down 1.7% on a year-over-year basis. During the same period last year, the business earned $2.29 EPS. Equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $1.90 per share. 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 6.95%. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

Wall Street Analysts Forecast Growth

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

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.