Stifel Financial Corp Lowers Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Stifel Financial Corp lowered its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 15.1% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 8,606 shares of the company’s stock after selling 1,527 shares during the quarter. Stifel Financial Corp’s holdings in Innovative Industrial Properties were worth $1,158,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. CWA Asset Management Group LLC purchased a new position in shares of Innovative Industrial Properties during the 3rd quarter worth approximately $713,000. Versor Investments LP lifted its stake in Innovative Industrial Properties by 98.3% during the third quarter. Versor Investments LP now owns 12,227 shares of the company’s stock worth $1,646,000 after purchasing an additional 6,062 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Innovative Industrial Properties by 2.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after buying an additional 10,711 shares during the period. Kestra Investment Management LLC acquired a new stake in shares of Innovative Industrial Properties in the third quarter valued at $2,332,000. Finally, Citigroup Inc. raised its holdings in shares of Innovative Industrial Properties by 37.0% in the 3rd quarter. Citigroup Inc. now owns 42,417 shares of the company’s stock valued at $5,709,000 after buying an additional 11,457 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Down 22.7 %

Innovative Industrial Properties stock opened at $73.66 on Monday. The stock has a market cap 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 current ratio of 11.53 and a quick ratio of 11.53. The stock’s fifty day moving average is $114.40 and its two-hundred day moving average is $117.98. Innovative Industrial Properties, Inc. has a 1-year low of $70.88 and a 1-year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). The business had revenue of $76.53 million for the quarter, compared to analyst estimates 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 posted $2.29 EPS. On average, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 10.32%. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on IIPR. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their target price for the stock from $125.00 to $78.00 in a research note on Friday. Piper Sandler lowered Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $118.00 to $70.00 in a report on Friday. Finally, Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $104.50.

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.