Ameriprise Financial Inc. Sells 5,682 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Ameriprise Financial Inc. decreased its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 6.5% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 81,243 shares of the company's stock after selling 5,682 shares during the period. Ameriprise Financial Inc. owned about 0.29% of Innovative Industrial Properties worth $5,413,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Schonfeld Strategic Advisors LLC bought a new stake in Innovative Industrial Properties during the fourth quarter valued at $1,113,000. Northern Trust Corp boosted its holdings in shares of Innovative Industrial Properties by 20.6% during the fourth quarter. Northern Trust Corp now owns 435,879 shares of the company's stock valued at $29,047,000 after acquiring an additional 74,342 shares during the period. The Manufacturers Life Insurance Company boosted its holdings in shares of Innovative Industrial Properties by 4.6% during the fourth quarter. The Manufacturers Life Insurance Company now owns 24,174 shares of the company's stock valued at $1,611,000 after acquiring an additional 1,068 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in shares of Innovative Industrial Properties by 9.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 24,519 shares of the company's stock valued at $1,634,000 after acquiring an additional 2,180 shares during the period. Finally, Pinebridge Investments L.P. boosted its holdings in shares of Innovative Industrial Properties by 4.3% during the fourth quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company's stock valued at $312,000 after acquiring an additional 193 shares during the period. Institutional investors own 70.58% of the company's stock.

Analyst Upgrades and Downgrades

IIPR has been the subject of several analyst reports. Compass Point reissued a "sell" rating and set a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Wolfe Research assumed 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. Roth Mkm reduced 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 report on Friday, February 21st. Finally, Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a report on Tuesday, April 15th. 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 issued a strong buy rating to the company's stock. According to MarketBeat, Innovative Industrial Properties currently has a consensus rating of "Hold" and a consensus price target of $78.67.

Insiders Place Their Bets

In other news, Director David Stecher sold 7,599 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 2.00% of the company's stock.

Innovative Industrial Properties Trading Down 0.3%

NYSE IIPR traded down $0.14 on Thursday, hitting $55.62. 184,944 shares of the company were exchanged, compared to its average volume of 271,992. The company's 50 day moving average price is $54.46 and its 200-day moving average price is $71.39. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The firm has a market capitalization of $1.56 billion, a P/E ratio of 10.06 and a beta of 1.73. Innovative Industrial Properties, Inc. has a twelve month low of $45.44 and a twelve month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.12). The company 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 8.39% and a net margin of 52.40%. Innovative Industrial Properties's quarterly revenue was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.21 EPS. Analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $1.90 per share. The ex-dividend date was Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 13.66%. Innovative Industrial Properties's payout ratio is presently 146.15%.

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.