Vident Advisory LLC Lowers Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Vident Advisory LLC lowered its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 40.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,567 shares of the company's stock after selling 7,958 shares during the quarter. Vident Advisory LLC's holdings in Innovative Industrial Properties were worth $771,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Barclays PLC boosted its stake in shares of Innovative Industrial Properties by 187.5% during the 3rd quarter. Barclays PLC now owns 47,988 shares of the company's stock worth $6,459,000 after acquiring an additional 31,295 shares during the period. Charles Schwab Investment Management Inc. grew its stake in Innovative Industrial Properties by 1.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock worth $30,958,000 after purchasing an additional 7,179 shares during the period. Vanguard Group Inc. boosted its holdings in Innovative Industrial Properties by 1.5% in the fourth quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company's stock worth $294,798,000 after acquiring an additional 64,908 shares in the last quarter. LPL Financial LLC boosted its holdings in Innovative Industrial Properties by 30.4% in the fourth quarter. LPL Financial LLC now owns 39,919 shares of the company's stock worth $2,660,000 after acquiring an additional 9,312 shares in the last quarter. Finally, Pacer Advisors Inc. bought a new position in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $42,006,000. Institutional investors and hedge funds own 70.58% of the company's stock.

Analysts Set New Price Targets

A number of analysts recently commented on the company. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Wolfe Research assumed coverage on Innovative Industrial Properties in a research note on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 price target for the company. Compass Point reissued a "sell" rating and issued a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Piper Sandler reduced their price target on Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating on the stock in a report on Tuesday, April 15th. Finally, Roth Mkm reduced their target price on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Two analysts have rated the stock with a sell rating, four have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average target price of $78.67.

Insider Transactions at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties 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 completion of the transaction, the director now owns 1,346 shares in the company, valued at approximately $94,960.30. This trade represents a 84.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 2.00% of the company's stock.

Innovative Industrial Properties Stock Up 0.1%

IIPR traded up $0.03 during trading on Friday, hitting $55.67. 32,282 shares of the company's stock traded hands, compared to its average volume of 271,046. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of 10.06 and a beta of 1.73. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-month 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 company's 50 day simple moving average is $54.46 and its two-hundred day simple moving average is $71.39.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its 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 company had revenue of $71.72 million during the quarter, compared to the consensus estimate 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 revenue for the quarter was down 5.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.21 earnings per share. 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 company also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $1.90 dividend. The ex-dividend date was Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 13.65%. Innovative Industrial Properties's dividend payout ratio (DPR) is 146.15%.

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.