IMA Wealth Inc. Has $1.72 Million Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

IMA Wealth Inc. lowered its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 7.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 17,042 shares of the company’s stock after selling 1,320 shares during the quarter. IMA Wealth Inc. owned about 0.06% of Innovative Industrial Properties worth $1,719,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds also recently bought and sold shares of IIPR. International Assets Investment Management LLC acquired a new position in shares of Innovative Industrial Properties during the fourth quarter valued at $14,952,000. American Assets Capital Advisers LLC bought a new stake in Innovative Industrial Properties in the third quarter valued at about $7,347,000. Schonfeld Strategic Advisors LLC increased its holdings in Innovative Industrial Properties by 187.9% in the third quarter. Schonfeld Strategic Advisors LLC now owns 108,195 shares of the company’s stock valued at $8,186,000 after purchasing an additional 70,612 shares during the last quarter. Oppenheimer & Co. Inc. increased its holdings in Innovative Industrial Properties by 118.3% in the third quarter. Oppenheimer & Co. Inc. now owns 74,483 shares of the company’s stock valued at $5,635,000 after purchasing an additional 40,367 shares during the last quarter. Finally, Northern Trust Corp increased its holdings in Innovative Industrial Properties by 8.6% in the third quarter. Northern Trust Corp now owns 358,166 shares of the company’s stock valued at $27,099,000 after purchasing an additional 28,403 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 0.2 %

Shares of Innovative Industrial Properties stock traded down $0.17 during trading hours on Friday, hitting $97.71. The company’s stock had a trading volume of 101,460 shares, compared to its average volume of 157,313. Innovative Industrial Properties, Inc. has a 12 month low of $64.56 and a 12 month high of $105.81. The stock has a 50 day moving average of $97.76 and a 200 day moving average of $90.82. The company has a market capitalization of $2.76 billion, a PE ratio of 16.93 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.22 and a quick ratio of 14.22.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, February 26th. The company reported $1.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.07 by ($0.62). Innovative Industrial Properties had a return on equity of 8.54% and a net margin of 53.50%. The business had revenue of $79.16 million during the quarter, compared to the consensus estimate of $76.55 million. Analysts predict that Innovative Industrial Properties, Inc. will post 8.49 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $1.82 per share. The ex-dividend date was Wednesday, March 27th. This represents a $7.28 dividend on an annualized basis and a dividend yield of 7.45%. Innovative Industrial Properties’s payout ratio is presently 126.17%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on IIPR shares. Piper Sandler upped their price objective on Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. TheStreet upgraded Innovative Industrial Properties from a “c+” rating to a “b-” rating in a report on Wednesday, January 10th. Four investment analysts have rated the stock with a hold rating, According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $92.67.

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.