Exchange Traded Concepts LLC trimmed its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR – Free Report) by 6.0% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 16,035 shares of the company’s stock after selling 1,015 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Innovative Industrial Properties were worth $1,069,000 at the end of the most recent quarter.
Several other institutional investors also recently bought and sold shares of IIPR. USA Financial Formulas acquired a new position in Innovative Industrial Properties during the 3rd quarter worth approximately $25,000. Canton Hathaway LLC acquired a new stake in Innovative Industrial Properties during the 3rd quarter valued at $55,000. Loomis Sayles & Co. L P increased its stake in Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after buying an additional 407 shares during the period. US Bancorp DE lifted its holdings in Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after buying an additional 189 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Innovative Industrial Properties by 46.3% during the third quarter. GAMMA Investing LLC now owns 632 shares of the company’s stock valued at $85,000 after acquiring an additional 200 shares in the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
A number of research analysts recently commented on the company. Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price target for the company from $125.00 to $78.00 in a report on Friday, December 20th. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Finally, Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $104.50.
Innovative Industrial Properties Stock Performance
Innovative Industrial Properties stock opened at $67.98 on Wednesday. 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 12 month low of $62.45 and a 12 month high of $138.35. The company has a fifty day moving average price of $84.56 and a two-hundred day moving average price of $110.16. The company has a market cap of $1.93 billion, a PE ratio of 12.10 and a beta of 1.39.
Innovative Industrial Properties (NYSE:IIPR – Get Free Report) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. During the same period in the prior year, the company earned $2.29 EPS. Innovative Industrial Properties’s quarterly revenue was down 1.7% on a year-over-year basis. Research analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.
Innovative Industrial Properties Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 11.18%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.
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.
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