Y Intercept Hong Kong Ltd Sells 15,061 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Y Intercept Hong Kong Ltd trimmed its position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 33.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 30,455 shares of the company's stock after selling 15,061 shares during the period. Y Intercept Hong Kong Ltd owned approximately 0.11% of Innovative Industrial Properties worth $1,647,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Raymond James Financial Inc. bought a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $567,000. Swiss National Bank boosted its stake in Innovative Industrial Properties by 0.5% in the 4th quarter. Swiss National Bank now owns 55,700 shares of the company's stock worth $3,712,000 after purchasing an additional 300 shares during the period. Teacher Retirement System of Texas increased its holdings in Innovative Industrial Properties by 11.9% during the 4th quarter. Teacher Retirement System of Texas now owns 5,731 shares of the company's stock worth $382,000 after purchasing an additional 609 shares in the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS raised its stake in shares of Innovative Industrial Properties by 38.5% in the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 15,161 shares of the company's stock valued at $1,010,000 after purchasing an additional 4,212 shares during the period. Finally, Quantbot Technologies LP lifted its holdings in shares of Innovative Industrial Properties by 7.5% in the fourth quarter. Quantbot Technologies LP now owns 8,636 shares of the company's stock valued at $576,000 after purchasing an additional 604 shares in the last quarter. Institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Stock Down 0.2%

Shares of Innovative Industrial Properties stock traded down $0.10 on Friday, reaching $53.55. 151,472 shares of the company were exchanged, compared to its average volume of 279,771. The company has a current ratio of 10.73, a quick ratio of 10.73 and a debt-to-equity ratio of 0.15. The company has a 50-day moving average of $55.88 and a 200 day moving average of $60.62. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 10.30 and a beta of 1.69.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.12). The firm had revenue of $71.72 million for the quarter, compared to analyst estimates of $72.20 million. Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 50.30%. The firm's revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.21 earnings per share. On average, equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 14.19%. The ex-dividend date of this dividend was Monday, June 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 146.15%.

Wall Street Analysts Forecast Growth

IIPR has been the subject of a number of research reports. Piper Sandler decreased their price objective on Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a report on Tuesday, April 15th. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Compass Point reiterated a "sell" rating and issued a $50.00 price objective (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Finally, Wolfe Research cut shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a report on Wednesday, July 2nd. Two equities 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 issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $78.67.

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.