Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Ameriprise Financial Inc.

Ameriprise Financial Inc. reduced its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 6.5% during the fourth quarter, according to its most recent Form 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 0.29% of Innovative Industrial Properties worth $5,413,000 at the end of the most recent quarter.

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

Innovative Industrial Properties Stock Performance

NYSE IIPR traded down $0.48 on Wednesday, reaching $56.14. 85,497 shares of the company's stock traded hands, compared to its average volume of 271,348. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 10.17 and a beta of 1.73. The stock has a 50 day moving average price of $54.82 and a 200-day moving average price of $71.86. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $138.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing analysts' consensus estimates of $2.06 by ($0.12). The firm had revenue of $71.72 million during 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%. The company's revenue was down 5.7% on a year-over-year basis. During the same quarter last year, the company posted $2.21 EPS. Equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $1.90 per share. The ex-dividend date was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.54%. Innovative Industrial Properties's dividend payout ratio is currently 146.15%.

Analysts Set New Price Targets

IIPR has been the subject of a number of analyst reports. Piper Sandler lowered their price target 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. Compass Point reissued a "sell" rating and set a $50.00 price objective (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Wolfe Research initiated coverage on shares of Innovative Industrial Properties in a report on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 price objective on the stock. Roth Mkm cut their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Finally, Industrial Alliance Securities reissued a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Two analysts have rated the stock with a sell rating, four have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $78.67.

Insider Activity at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the company's stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. This represents a 84.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 2.00% of the stock is owned by corporate 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.