Cynosure Group LLC Sells 7,025 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Key Points

• Cynosure Group LLC has reduced its stake in Innovative Industrial Properties by 59.4%, selling 7,025 shares and now holding 4,808 shares valued at $260,000.
• The company's stock has seen a 0.6% decline and is currently priced at $45.84, with a twelve-month range of $45.44 to $138.35.
• Innovative Industrial Properties recently reported earnings of $1.71 per share, exceeding estimates, but its revenue decreased by 21.2% year-over-year.

Cynosure Group LLC lessened its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 59.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,808 shares of the company's stock after selling 7,025 shares during the period. Cynosure Group LLC's holdings in Innovative Industrial Properties were worth $260,000 at the end of the most recent quarter.

Other institutional investors have also modified their holdings of the company. GF Fund Management CO. LTD. bought a new position in shares of Innovative Industrial Properties during the 4th quarter valued at about $34,000. SSA Swiss Advisors AG bought a new stake in Innovative Industrial Properties in the 1st quarter valued at approximately $33,000. PSI Advisors LLC lifted its stake in Innovative Industrial Properties by 454.5% in the 1st quarter. PSI Advisors LLC now owns 610 shares of the company's stock valued at $33,000 after acquiring an additional 500 shares in the last quarter. Signaturefd LLC lifted its stake in Innovative Industrial Properties by 49.7% in the 1st quarter. Signaturefd LLC now owns 756 shares of the company's stock valued at $41,000 after acquiring an additional 251 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new stake in Innovative Industrial Properties in the 4th quarter valued at approximately $56,000. Institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Stock Down 0.6%

NYSE:IIPR opened at $45.84 on Monday. The firm has a market capitalization of $1.28 billion, a price-to-earnings ratio of 9.92 and a beta of 1.65. Innovative Industrial Properties, Inc. has a twelve month low of $45.44 and a twelve month high of $138.35. The stock's 50 day moving average price is $54.89 and its two-hundred day moving average price is $59.47. The company has a quick ratio of 10.30, a current ratio of 10.30 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $1.71 earnings per share for the quarter, topping the consensus estimate of $1.68 by $0.03. The firm had revenue of $62.89 million for the quarter, compared to analyst estimates of $64.36 million. Innovative Industrial Properties had a return on equity of 7.26% and a net margin of 47.71%. The business's quarterly revenue was down 21.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.06 EPS. Equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share 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 issued a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 16.6%. Innovative Industrial Properties's payout ratio is presently 164.50%.

Analysts Set New Price Targets

Several research firms have commented on IIPR. Wolfe Research cut Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 2nd. Piper Sandler cut their target price on Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating on the stock in a research note on Tuesday, April 15th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Innovative Industrial Properties has an average rating of "Hold" and an average price target of $78.67.

Innovative Industrial Properties 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.

Want to see what other hedge funds are holding IIPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.