Innovative Industrial Properties, Inc. $IIPR Shares Sold by Intech Investment Management LLC

Intech Investment Management LLC reduced its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 41.1% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,627 shares of the company’s stock after selling 11,610 shares during the quarter. Intech Investment Management LLC owned about 0.06% of Innovative Industrial Properties worth $787,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. TrueMark Investments LLC acquired a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at approximately $982,000. Allianz Asset Management GmbH lifted its holdings in shares of Innovative Industrial Properties by 71.6% in the 3rd quarter. Allianz Asset Management GmbH now owns 26,861 shares of the company’s stock valued at $1,439,000 after buying an additional 11,206 shares during the period. Quinn Opportunity Partners LLC lifted its holdings in shares of Innovative Industrial Properties by 62.2% in the 3rd quarter. Quinn Opportunity Partners LLC now owns 66,500 shares of the company’s stock valued at $3,563,000 after buying an additional 25,500 shares during the period. Segall Bryant & Hamill LLC acquired a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at approximately $2,529,000. Finally, SG Americas Securities LLC raised its holdings in Innovative Industrial Properties by 110.4% during the fourth quarter. SG Americas Securities LLC now owns 24,928 shares of the company’s stock worth $1,181,000 after purchasing an additional 13,079 shares during the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $59.23 on Tuesday. The company has a debt-to-equity ratio of 0.20, a quick ratio of 6.06 and a current ratio of 6.06. The stock has a fifty day moving average price of $54.49 and a 200 day moving average price of $51.96. The stock has a market cap of $1.70 billion, a PE ratio of 15.15 and a beta of 1.42. Innovative Industrial Properties, Inc. has a 1 year low of $44.58 and a 1 year high of $61.40.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, May 4th. The company reported $1.02 earnings per share 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%.The business’s quarterly revenue was down 3.1% on a year-over-year basis. During the same period in the previous year, the business posted $1.94 EPS. Sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 7.1 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, March 31st. This represents a $7.60 annualized dividend and a yield of 12.8%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 194.37%.

Wall Street Analysts Forecast Growth

IIPR has been the subject of several research reports. Zacks Research cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Piper Sandler lifted their price objective on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a report on Wednesday, February 25th. Weiss Ratings raised Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Finally, Compass Point raised Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price objective for the company in a report on Tuesday, March 3rd. Four equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and an average target price of $45.00.

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.