Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Secure Asset Management LLC

Secure Asset Management LLC cut its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 18.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,710 shares of the company’s stock after selling 2,588 shares during the period. Secure Asset Management LLC’s holdings in Innovative Industrial Properties were worth $1,576,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the stock. Vanguard Group Inc. raised its stake in shares of Innovative Industrial Properties by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock valued at $456,705,000 after purchasing an additional 28,111 shares in the last quarter. Bank of New York Mellon Corp lifted its holdings in Innovative Industrial Properties by 3.3% during the 2nd quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after buying an additional 10,615 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Innovative Industrial Properties by 16.2% during the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after buying an additional 45,779 shares during the last quarter. Tidal Investments LLC increased its holdings in shares of Innovative Industrial Properties by 1,465.1% in the 1st quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock valued at $24,532,000 after acquiring an additional 221,791 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Innovative Industrial Properties by 18.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,159 shares of the company’s stock valued at $21,242,000 after acquiring an additional 31,313 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Trading Down 2.3 %

Shares of NYSE:IIPR opened at $132.51 on Friday. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15. The company’s 50-day moving average price is $127.28 and its 200 day moving average price is $115.02. The company has a market cap of $3.75 billion, a PE ratio of 23.25 and a beta of 1.35. Innovative Industrial Properties, Inc. has a fifty-two week low of $69.08 and a fifty-two week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The business had revenue of $79.79 million for the quarter, compared to the consensus estimate of $77.18 million. During the same period last year, the firm posted $2.26 EPS. The business’s quarterly revenue was up 4.4% on a year-over-year basis. Sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $1.90 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 5.74%. Innovative Industrial Properties’s payout ratio is 133.33%.

Analyst Upgrades and Downgrades

A number of research firms have commented on IIPR. Piper Sandler lifted their price objective on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Roth Mkm boosted their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Finally, Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd.

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.