Innovative Industrial Properties, Inc. $IIPR Shares Sold by JPMorgan Chase & Co.

Key Points

• JPMorgan Chase reduced its stake in Innovative Industrial Properties by 15.5% in Q3, leaving it with 150,623 shares (about 0.54% of the company) valued at roughly $8.07 million.
• The company announced a quarterly dividend of $1.90 (annualized $7.60), representing a 15.0% yield, but the payout ratio is extremely high at 193.88%, signaling potential sustainability concerns.
• Analyst sentiment is negative-to-cautious: the stock has an average rating of "Reduce" and an average price target of $49, reflecting recent downgrades and mixed coverage.

JPMorgan Chase & Co. cut its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 15.5% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 150,623 shares of the company's stock after selling 27,648 shares during the period. JPMorgan Chase & Co. owned approximately 0.54% of Innovative Industrial Properties worth $8,070,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the stock. West Oak Capital LLC bought a new position in Innovative Industrial Properties during the 3rd quarter valued at $27,000. FNY Investment Advisers LLC bought a new stake in shares of Innovative Industrial Properties in the 3rd quarter worth $32,000. Advisory Services Network LLC bought a new stake in shares of Innovative Industrial Properties in the 3rd quarter worth $34,000. Huntington National Bank lifted its holdings in shares of Innovative Industrial Properties by 110.6% in the third quarter. Huntington National Bank now owns 697 shares of the company's stock valued at $37,000 after buying an additional 366 shares during the period. Finally, Headlands Technologies LLC lifted its holdings in shares of Innovative Industrial Properties by 109.4% in the second quarter. Headlands Technologies LLC now owns 758 shares of the company's stock valued at $42,000 after buying an additional 396 shares during the period. Institutional investors and hedge funds own 70.58% of the company's stock.

Analyst Upgrades and Downgrades

IIPR has been the topic of a number of research analyst reports. Piper Sandler lifted their target price on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an "underweight" rating in a report on Wednesday, February 25th. Weiss Ratings lowered shares of Innovative Industrial Properties from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, March 25th. Finally, Compass Point raised shares of Innovative Industrial Properties from a "sell" rating to a "neutral" rating and set a $45.00 price objective on the stock in a research note on Tuesday, March 3rd. Three research analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Reduce" and an average price target of $49.00.

Innovative Industrial Properties Stock Performance

IIPR opened at $50.78 on Tuesday. The firm has a market cap of $1.43 billion, a PE ratio of 12.96 and a beta of 1.44. The company has a quick ratio of 4.38, a current ratio of 4.38 and a debt-to-equity ratio of 0.22. The business has a fifty day simple moving average of $50.48 and a 200-day simple moving average of $51.52. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $59.83.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its earnings results on Monday, February 23rd. The company reported $1.88 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.71 by $0.17. Innovative Industrial Properties had a return on equity of 6.43% and a net margin of 44.46%.The company had revenue of $66.66 million for the quarter, compared to analyst estimates of $66.16 million. During the same period in the previous year, the firm earned $2.03 earnings per share. Innovative Industrial Properties's revenue for the quarter was down 13.1% compared to the same quarter last year. As a group, equities analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 15.0%. The ex-dividend date is Tuesday, March 31st. Innovative Industrial Properties's payout ratio is presently 193.88%.

About Innovative Industrial Properties

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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