Innovative Industrial Properties, Inc. (NYSE:IIPR) Position Lowered by Oppenheimer & Co. Inc.

Oppenheimer & Co. Inc. reduced its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 38.0% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 46,925 shares of the company’s stock after selling 28,771 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Innovative Industrial Properties were worth $6,316,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of IIPR. Focused Wealth Management Inc lifted its position in shares of Innovative Industrial Properties by 2.4% in the 2nd quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock worth $432,000 after buying an additional 93 shares during the last quarter. Bristlecone Advisors LLC boosted its stake in Innovative Industrial Properties by 0.8% in the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock valued at $1,696,000 after acquiring an additional 103 shares during the period. Cape Investment Advisory Inc. boosted its stake in Innovative Industrial Properties by 11.6% in the first quarter. Cape Investment Advisory Inc. now owns 1,098 shares of the company’s stock valued at $114,000 after acquiring an additional 114 shares during the period. Baader Bank Aktiengesellschaft grew its holdings in shares of Innovative Industrial Properties by 2.1% during the second quarter. Baader Bank Aktiengesellschaft now owns 5,616 shares of the company’s stock valued at $611,000 after purchasing an additional 116 shares during the last quarter. Finally, Hancock Whitney Corp raised its position in shares of Innovative Industrial Properties by 2.4% during the 1st quarter. Hancock Whitney Corp now owns 5,227 shares of the company’s stock worth $541,000 after purchasing an additional 124 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

IIPR stock opened at $103.56 on Friday. The company has a market capitalization of $2.93 billion, a P/E ratio of 18.43 and a beta of 1.37. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The company has a 50-day simple moving average of $128.67 and a 200 day simple moving average of $118.63. Innovative Industrial Properties, Inc. has a fifty-two week low of $77.88 and a fifty-two week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results 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). The company had revenue of $76.53 million during 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%. The company’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the company posted $2.29 earnings per share. Sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.4 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 7.34%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s payout ratio is currently 135.23%.

Analyst Ratings Changes

IIPR has been the subject of a number of recent research reports. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective on the stock in a report on Friday, November 8th. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday. Piper Sandler decreased their target price on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Finally, Roth Mkm lifted their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Innovative Industrial Properties presently has an average rating of “Moderate Buy” and a consensus price target of $127.67.

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.