Ameriprise Financial Inc. Trims Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Ameriprise Financial Inc. lessened its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 6.5% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 81,243 shares of the company's stock after selling 5,682 shares during the quarter. Ameriprise Financial Inc. owned about 0.29% of Innovative Industrial Properties worth $5,413,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Bogart Wealth LLC bought a new stake in Innovative Industrial Properties during the fourth quarter valued at approximately $27,000. Compass Financial Services Inc purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at $32,000. Smartleaf Asset Management LLC lifted its holdings in shares of Innovative Industrial Properties by 182.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock worth $43,000 after acquiring an additional 417 shares during the last quarter. Headlands Technologies LLC purchased a new position in Innovative Industrial Properties in the fourth quarter worth $50,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in Innovative Industrial Properties in the fourth quarter valued at $57,000. Hedge funds and other institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Trading Up 2.0%

IIPR stock traded up $1.11 during midday trading on Tuesday, hitting $56.64. The company had a trading volume of 253,268 shares, compared to its average volume of 272,063. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 10.24 and a beta of 1.73. Innovative Industrial Properties, Inc. has a 52 week low of $45.44 and a 52 week high of $138.35. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The stock's 50 day moving average price is $54.96 and its 200 day moving average price is $71.97.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing analysts' consensus estimates of $2.06 by ($0.12). The firm had revenue of $71.72 million for the quarter, compared to the consensus estimate of $72.20 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company's quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $2.21 earnings per share. As a group, equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.42%. Innovative Industrial Properties's dividend payout ratio is currently 146.15%.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on IIPR shares. Piper Sandler cut 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 restated a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Compass Point reiterated a "sell" rating and set a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Wolfe Research began coverage on shares of Innovative Industrial Properties in a report on Wednesday, April 23rd. They issued an "outperform" rating and a $57.00 price objective for the company. Finally, Roth Mkm cut their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a research note on Friday, February 21st. Two research analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat.com, Innovative Industrial Properties currently has an average rating of "Hold" and a consensus price target of $78.67.

Insider Transactions at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares in the company, valued at $94,960.30. This represents a 84.95% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.00% of the stock is currently owned by company insiders.

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.