LSV Asset Management Decreases Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

LSV Asset Management decreased its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 11.9% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 120,500 shares of the company’s stock after selling 16,300 shares during the quarter. LSV Asset Management’s holdings in Innovative Industrial Properties were worth $8,030,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the business. Capital Fund Management S.A. purchased a new stake in Innovative Industrial Properties during the fourth quarter valued at about $1,482,000. Raymond James Financial Inc. bought a new position in Innovative Industrial Properties during the 4th quarter worth approximately $567,000. Invesco Ltd. grew its position in Innovative Industrial Properties by 16.2% during the 4th quarter. Invesco Ltd. now owns 278,053 shares of the company’s stock worth $18,529,000 after acquiring an additional 38,832 shares during the last quarter. Cerity Partners LLC increased its stake in Innovative Industrial Properties by 173.0% in the 4th quarter. Cerity Partners LLC now owns 4,153 shares of the company’s stock worth $277,000 after purchasing an additional 2,632 shares during the period. Finally, Envestnet Asset Management Inc. lifted its position in Innovative Industrial Properties by 106.2% in the fourth quarter. Envestnet Asset Management Inc. now owns 5,532 shares of the company’s stock valued at $369,000 after purchasing an additional 2,849 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on IIPR. Roth Mkm cut their target price on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 21st. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Industrial Alliance Securities reiterated a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and a consensus target price of $85.00.

Insider Transactions at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the sale, the director now directly owns 1,346 shares of the company’s stock, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 1.50% of the company’s stock.

Innovative Industrial Properties Price Performance

IIPR stock opened at $49.19 on Monday. The firm has a 50-day moving average of $65.99 and a 200 day moving average of $88.46. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The company has a market cap of $1.39 billion, a P/E ratio of 8.90 and a beta of 1.59. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. On average, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 15.45%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

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.