BI Asset Management Fondsmaeglerselskab A S Sells 7,030 Shares of Innovative Industrial Properties, Inc. $IIPR

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 lessened its position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 91.4% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor 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.

Several other hedge funds and other institutional investors have also recently made changes to their positions in IIPR. PSI Advisors LLC lifted its stake in shares of Innovative Industrial Properties by 454.5% in the first quarter. PSI Advisors LLC now owns 610 shares of the company's stock worth $33,000 after buying an additional 500 shares in the last quarter. SSA Swiss Advisors AG purchased a new position in shares of Innovative Industrial Properties during the first quarter valued at approximately $33,000. GF Fund Management CO. LTD. purchased a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $34,000. Signaturefd LLC raised its holdings in shares of Innovative Industrial Properties by 49.7% during the first quarter. Signaturefd LLC now owns 756 shares of the company's stock valued at $41,000 after purchasing an additional 251 shares during the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $56,000. Institutional investors own 70.58% of the company's stock.

Wall Street Analysts Forecast Growth

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

Innovative Industrial Properties Stock Performance

NYSE IIPR traded up $0.22 on Monday, reaching $56.52. 238,202 shares of the stock were exchanged, compared to its average volume of 392,493. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35. The firm has a market capitalization of $1.58 billion, a PE ratio of 12.23 and a beta of 1.61. The company's 50-day simple moving average is $54.02 and its two-hundred day simple moving average is $57.43. 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 (NYSE:IIPR - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $1.71 EPS for the quarter, topping analysts' consensus estimates of $1.68 by $0.03. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The company had revenue of $62.89 million for the quarter, compared to analysts' expectations of $64.36 million. During the same quarter last year, the business earned $2.06 EPS. The firm's revenue was down 21.2% compared to the same quarter last year. Analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were paid a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 13.4%. The ex-dividend date of this dividend was Monday, June 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is 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.