Innovative Industrial Properties, Inc. $IIPR Shares Sold by BI Asset Management Fondsmaeglerselskab A S

Key Points

• BI Asset Management Fondsmaeglerselskab A S has significantly reduced its stake in Innovative Industrial Properties, Inc. by 91.4%, selling 7,030 shares and retaining only 661 shares worth approximately $36,000.
• Several hedge funds, including Balyasny Asset Management and Nuveen LLC, have initiated or increased their positions in Innovative Industrial Properties, indicating a shift in institutional investor interest.
• Analysts have downgraded the stock's rating to "peer perform" and it currently holds a consensus rating of "Hold," with an average price target of $78.67.

BI Asset Management Fondsmaeglerselskab A S trimmed its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 91.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 661 shares of the company's stock after selling 7,030 shares during the period. BI Asset Management Fondsmaeglerselskab A S's holdings in Innovative Industrial Properties were worth $36,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently modified their holdings of the company. Principal Financial Group Inc. raised its holdings in shares of Innovative Industrial Properties by 2.6% during the first quarter. Principal Financial Group Inc. now owns 155,355 shares of the company's stock worth $8,403,000 after purchasing an additional 3,961 shares during the period. Bank of America Corp DE grew its position in shares of Innovative Industrial Properties by 9.1% during the fourth quarter. Bank of America Corp DE now owns 16,759 shares of the company's stock worth $1,117,000 after acquiring an additional 1,395 shares during the last quarter. Janney Montgomery Scott LLC grew its position in shares of Innovative Industrial Properties by 6.9% during the first quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company's stock worth $267,000 after acquiring an additional 319 shares during the last quarter. Wells Fargo & Company MN grew its position in shares of Innovative Industrial Properties by 27.8% during the fourth quarter. Wells Fargo & Company MN now owns 16,543 shares of the company's stock worth $1,102,000 after acquiring an additional 3,603 shares during the last quarter. Finally, Deutsche Bank AG grew its position in shares of Innovative Industrial Properties by 32.6% during the fourth quarter. Deutsche Bank AG now owns 34,180 shares of the company's stock worth $2,278,000 after acquiring an additional 8,408 shares during the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Wolfe Research lowered shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Innovative Industrial Properties presently has an average rating of "Hold" and a consensus price target of $78.67.

Innovative Industrial Properties Price Performance

IIPR traded up $0.22 on Friday, reaching $56.52. The company had a trading volume of 238,202 shares, compared to its average volume of 395,130. The company has a fifty day moving average of $54.06 and a 200-day moving average of $57.67. The company has a market capitalization of $1.58 billion, a P/E ratio of 12.23 and a beta of 1.65. The company has a current ratio of 10.30, a quick ratio of 10.30 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $1.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.68 by $0.03. The firm had revenue of $62.89 million during the quarter, compared to analyst estimates of $64.36 million. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. Innovative Industrial Properties's revenue was down 21.2% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $2.06 EPS. As a group, equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 13.4%. The ex-dividend date was Monday, June 30th. Innovative Industrial Properties's dividend payout ratio is currently 164.50%.

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.