Koa Wealth Management LLC Has $2.13 Million Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Koa Wealth Management LLC cut its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 25.1% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 31,926 shares of the company’s stock after selling 10,722 shares during the quarter. Innovative Industrial Properties makes up about 1.7% of Koa Wealth Management LLC’s holdings, making the stock its 17th biggest holding. Koa Wealth Management LLC’s holdings in Innovative Industrial Properties were worth $2,128,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also modified their holdings of the stock. USA Financial Formulas bought a new stake in shares of Innovative Industrial Properties during the third quarter valued at approximately $25,000. Canton Hathaway LLC bought a new position in Innovative Industrial Properties in the 3rd quarter valued at $55,000. Loomis Sayles & Co. L P increased its stake in shares of Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after buying an additional 407 shares during the period. US Bancorp DE raised its position in shares of Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after acquiring an additional 189 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Innovative Industrial Properties by 46.3% during the third quarter. GAMMA Investing LLC now owns 632 shares of the company’s stock valued at $85,000 after acquiring an additional 200 shares during the period. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

Shares of IIPR opened at $72.99 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The firm has a market capitalization of $2.07 billion, a PE ratio of 12.99 and a beta of 1.39. The stock has a 50 day simple moving average of $83.13 and a 200 day simple moving average of $109.60. Innovative Industrial Properties, Inc. has a 52-week low of $62.45 and a 52-week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm’s revenue was down 1.7% on a year-over-year basis. During the same period in the prior year, the company earned $2.29 EPS. Sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 10.41%. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

Analysts Set New Price Targets

A number of research analysts have issued reports on IIPR shares. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Alliance Global Partners lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Finally, Piper Sandler downgraded shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their price target for the company from $118.00 to $70.00 in a research report on Friday, December 20th. One analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $104.50.

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.