HighTower Advisors LLC Trims Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

HighTower Advisors LLC decreased its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 8.7% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,416 shares of the company’s stock after selling 326 shares during the quarter. HighTower Advisors LLC’s holdings in Innovative Industrial Properties were worth $462,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. CWA Asset Management Group LLC bought a new stake in shares of Innovative Industrial Properties during the 3rd quarter valued at $713,000. Versor Investments LP lifted its position in shares of Innovative Industrial Properties by 98.3% in the third quarter. Versor Investments LP now owns 12,227 shares of the company’s stock valued at $1,646,000 after acquiring an additional 6,062 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Innovative Industrial Properties by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock valued at $61,563,000 after purchasing an additional 10,711 shares during the period. Kestra Investment Management LLC purchased a new position in Innovative Industrial Properties in the 3rd quarter worth approximately $2,332,000. Finally, Citigroup Inc. lifted its holdings in Innovative Industrial Properties by 37.0% in the 3rd quarter. Citigroup Inc. now owns 42,417 shares of the company’s stock worth $5,709,000 after purchasing an additional 11,457 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on IIPR shares. Piper Sandler downgraded shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and lowered their target price for the stock from $118.00 to $70.00 in a report on Friday. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price target for the company from $125.00 to $78.00 in a research note on Friday. Alliance Global Partners assumed coverage on shares of Innovative Industrial Properties in a report on Tuesday, December 17th. They issued a “buy” rating and a $130.00 target price on the stock. Finally, JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Stock Down 22.7 %

Shares of IIPR stock opened at $73.66 on Friday. Innovative Industrial Properties, Inc. has a fifty-two week low of $70.88 and a fifty-two week high of $138.35. The firm has a market capitalization of $2.09 billion, a PE ratio of 13.11 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The stock’s 50-day simple moving average is $114.40 and its 200-day simple moving average is $117.93.

Innovative Industrial Properties (NYSE:IIPR) last posted 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 business had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.29 earnings per share. Equities analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st will be issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 10.32%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is 135.23%.

About Innovative Industrial Properties

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.