Innovative Industrial Properties, Inc. $IIPR Shares Sold by Edgestream Partners L.P.

Key Points

• Edgestream Partners reduced its IIPR stake by 75.8% in the first quarter, selling 95,574 shares and retaining 30,584 shares worth approximately $1.53 million. Institutional investors collectively own 70.58% of the stock.
• Analyst sentiment remains cautious: three analysts rate IIPR as a Hold and one as Sell, producing an average “Reduce” rating and a consensus price target of $48, below the reported trading price of $58.59.
• IIPR exceeded quarterly earnings expectations with adjusted earnings of $1.36 per share versus $1.02 expected, but revenue of $63.31 million fell short of estimates. The company announced a quarterly dividend of $1.90, equivalent to a 13.0% annualized yield.

Edgestream Partners L.P. cut its position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 75.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,584 shares of the company's stock after selling 95,574 shares during the period. Edgestream Partners L.P. owned 0.11% of Innovative Industrial Properties worth $1,534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently made changes to their positions in IIPR. PNC Financial Services Group Inc. raised its position in shares of Innovative Industrial Properties by 6.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,173 shares of the company's stock valued at $159,000 after buying an additional 182 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in shares of Innovative Industrial Properties by 33.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 819 shares of the company's stock valued at $39,000 after purchasing an additional 205 shares in the last quarter. Daiwa Securities Group Inc. grew its holdings in Innovative Industrial Properties by 2.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company's stock valued at $545,000 after buying an additional 207 shares in the last quarter. Allworth Financial LP raised its holdings in shares of Innovative Industrial Properties by 4.6% during the 4th quarter. Allworth Financial LP now owns 4,714 shares of the company's stock worth $223,000 after acquiring an additional 208 shares during the period. Finally, PFG Investments LLC boosted its position in shares of Innovative Industrial Properties by 3.3% during the 1st quarter. PFG Investments LLC now owns 7,300 shares of the company's stock valued at $366,000 after acquiring an additional 231 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently issued reports on the stock. Weiss Ratings upgraded shares of Innovative Industrial Properties from a "sell (d+)" rating to a "hold (c-)" rating in a report on Tuesday, May 26th. Piper Sandler raised their target price on Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 21st. Finally, Zacks Research lowered Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 5th. Three research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and a consensus target price of $48.00.

Innovative Industrial Properties Trading Down 0.4%

IIPR opened at $58.59 on Tuesday. Innovative Industrial Properties, Inc. has a 12 month low of $44.58 and a 12 month high of $65.38. The stock has a market capitalization of $1.69 billion, a price-to-earnings ratio of 14.98 and a beta of 1.38. The company has a debt-to-equity ratio of 0.20, a current ratio of 6.06 and a quick ratio of 6.06. The business has a fifty day moving average price of $60.96 and a 200 day moving average price of $55.05.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, beating analysts' consensus estimates of $1.02 by $0.34. The business had revenue of $63.31 million for the quarter, compared to analyst estimates of $67.09 million. Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. Sell-side analysts expect that Innovative Industrial Properties, Inc. will post 6.97 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Stockholders of record on Tuesday, June 30th were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 13.0%. The ex-dividend date of this dividend was Tuesday, June 30th. Innovative Industrial Properties's payout ratio is presently 194.37%.

Innovative Industrial Properties Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.

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