Pacer Advisors Inc. trimmed its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR – Free Report) by 20.2% in the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 115,965 shares of the company’s stock after selling 29,401 shares during the quarter. Pacer Advisors Inc. owned about 0.41% of Innovative Industrial Properties worth $5,492,000 as of its most recent SEC filing.
Other large investors have also modified their holdings of the company. International Assets Investment Management LLC acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $25,000. FNY Investment Advisers LLC acquired a new stake in shares of Innovative Industrial Properties in the third quarter valued at approximately $32,000. Advisory Services Network LLC acquired a new stake in shares of Innovative Industrial Properties in the third quarter valued at approximately $34,000. Huntington National Bank boosted its holdings in shares of Innovative Industrial Properties by 110.6% in the third quarter. Huntington National Bank now owns 697 shares of the company’s stock valued at $37,000 after acquiring an additional 366 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. boosted its holdings in shares of Innovative Industrial Properties by 33.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 819 shares of the company’s stock valued at $39,000 after acquiring an additional 205 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on IIPR. Zacks Research downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Compass Point upgraded Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price target for the company in a research note on Tuesday, March 3rd. Weiss Ratings cut Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Friday, May 8th. Finally, Piper Sandler upped their price target on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 25th. Three research analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $45.00.
Innovative Industrial Properties Price Performance
Innovative Industrial Properties stock opened at $54.98 on Thursday. Innovative Industrial Properties, Inc. has a 12 month low of $44.58 and a 12 month high of $61.40. The company has a debt-to-equity ratio of 0.20, a current ratio of 6.06 and a quick ratio of 6.06. The business has a 50 day simple moving average of $53.21 and a 200-day simple moving average of $51.15. The stock has a market capitalization of $1.58 billion, a PE ratio of 14.06 and a beta of 1.43.
Innovative Industrial Properties (NYSE:IIPR – Get Free Report) last released its quarterly earnings results on Monday, May 4th. The company reported $1.02 EPS for the quarter, missing the consensus estimate of $1.07 by ($0.05). The company had revenue of $69.00 million for the quarter, compared to analysts’ expectations of $65.65 million. Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.Innovative Industrial Properties’s revenue for the quarter was down 3.1% compared to the same quarter last year. During the same quarter last year, the company earned $1.94 EPS. Equities analysts predict that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current year.
Innovative Industrial Properties Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were given a $1.90 dividend. The ex-dividend date was Tuesday, March 31st. This represents a $7.60 annualized dividend and a yield of 13.8%. Innovative Industrial Properties’s dividend payout ratio is presently 194.37%.
Innovative Industrial Properties Company Profile
Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.
Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.
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