PFG Investments LLC Sells 1,897 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

PFG Investments LLC lowered its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 9.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 18,255 shares of the company’s stock after selling 1,897 shares during the quarter. PFG Investments LLC’s holdings in Innovative Industrial Properties were worth $2,457,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in IIPR. PNC Financial Services Group Inc. lifted its position in Innovative Industrial Properties by 91.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,014 shares of the company’s stock valued at $304,000 after purchasing an additional 1,437 shares during the last quarter. HB Wealth Management LLC bought a new stake in Innovative Industrial Properties during the 1st quarter valued at $492,000. Private Advisor Group LLC grew its holdings in Innovative Industrial Properties by 1.7% in the 1st quarter. Private Advisor Group LLC now owns 15,817 shares of the company’s stock worth $1,638,000 after acquiring an additional 259 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its holdings in 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 worth $21,242,000 after acquiring an additional 31,313 shares during the last quarter. Finally, BNP Paribas Financial Markets increased its position in shares of Innovative Industrial Properties by 17.1% in the first quarter. BNP Paribas Financial Markets now owns 14,397 shares of the company’s stock valued at $1,491,000 after acquiring an additional 2,098 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 1.3 %

Shares of IIPR traded down $1.73 during trading hours on Friday, reaching $131.88. 79,361 shares of the company traded hands, compared to its average volume of 143,129. Innovative Industrial Properties, Inc. has a 12 month low of $69.08 and a 12 month high of $138.35. 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 fifty day moving average price is $129.15 and its two-hundred day moving average price is $116.34. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of 23.11 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $79.79 million for the quarter, compared to the consensus estimate of $77.18 million. During the same period in the previous year, the firm posted $2.26 earnings per share. The business’s revenue was up 4.4% compared to the same quarter last year. Equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a $1.90 dividend. The ex-dividend date was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 5.76%. Innovative Industrial Properties’s payout ratio is 133.33%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on IIPR. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Piper Sandler increased their price objective on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a report on Friday, August 9th. Finally, Roth Mkm boosted their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, July 22nd.

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.