Innovative Industrial Properties, Inc. (NYSE:IIPR) Stock Position Lowered by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. trimmed its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 10.5% during the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 4,364 shares of the company’s stock after selling 511 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Innovative Industrial Properties were worth $594,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. CWA Asset Management Group LLC purchased a new position in shares of Innovative Industrial Properties during the third quarter valued at $713,000. Versor Investments LP boosted its position in Innovative Industrial Properties by 98.3% during the 3rd quarter. Versor Investments LP now owns 12,227 shares of the company’s stock worth $1,646,000 after acquiring an additional 6,062 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Innovative Industrial Properties by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock valued at $61,563,000 after acquiring an additional 10,711 shares in the last quarter. TCW Group Inc. acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at about $2,572,000. Finally, Kestra Investment Management LLC purchased a new stake in shares of Innovative Industrial Properties in the third quarter worth approximately $2,332,000. 70.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

IIPR has been the topic of a number of research analyst reports. Alliance Global Partners started coverage on shares of Innovative Industrial Properties in a research report on Tuesday. They set a “buy” rating and a $130.00 price objective on the stock. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Compass Point raised Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research report on Friday, November 8th. Finally, Piper Sandler reduced their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a report on Friday, November 8th. Three analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $128.25.

Innovative Industrial Properties Trading Down 3.2 %

Innovative Industrial Properties stock opened at $98.06 on Thursday. Innovative Industrial Properties, Inc. has a one year low of $87.52 and a one year high of $138.35. The company’s fifty day moving average price is $116.88 and its two-hundred day moving average price is $118.40. The company has a market capitalization of $2.78 billion, a price-to-earnings ratio of 17.45 and a beta of 1.30. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53.

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

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 7.75%. The ex-dividend date of this dividend is Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

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.