Intech Investment Management LLC Sells 22,305 Shares of Innovative Industrial Properties, Inc. $IIPR

Key Points

• Intech Investment Management LLC cut its stake in Innovative Industrial Properties by 44.1%, selling 22,305 shares in Q3 and ending the period with 28,237 shares valued at about $1.51 million.
• IIPR beat quarterly EPS estimates ($1.88 vs. $1.71) despite revenue falling 13.1% year-over-year, and the stock trades at a $1.55B market cap with a 13.8% dividend yield (annualized $7.60) and a 193.9% payout ratio, while analysts' consensus is a "Reduce" with an average target of $51.75.

Intech Investment Management LLC lessened its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 44.1% in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 28,237 shares of the company's stock after selling 22,305 shares during the quarter. Intech Investment Management LLC owned 0.10% of Innovative Industrial Properties worth $1,513,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also bought and sold shares of the company. West Oak Capital LLC purchased a new stake in shares of Innovative Industrial Properties during the 3rd quarter valued at about $27,000. Headlands Technologies LLC boosted its holdings in shares of Innovative Industrial Properties by 109.4% in the second quarter. Headlands Technologies LLC now owns 758 shares of the company's stock worth $42,000 after buying an additional 396 shares during the last quarter. Hantz Financial Services Inc. grew its position in Innovative Industrial Properties by 482.2% during the third quarter. Hantz Financial Services Inc. now owns 885 shares of the company's stock valued at $47,000 after buying an additional 733 shares during the period. Pilgrim Partners Asia Pte Ltd purchased a new stake in Innovative Industrial Properties during the third quarter valued at approximately $53,000. Finally, Farther Finance Advisors LLC increased its holdings in Innovative Industrial Properties by 77.5% during the third quarter. Farther Finance Advisors LLC now owns 1,390 shares of the company's stock valued at $74,000 after buying an additional 607 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Down 2.7%

IIPR opened at $55.13 on Friday. The stock has a market cap of $1.55 billion, a price-to-earnings ratio of 14.06 and a beta of 1.45. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.38 and a current ratio of 4.38. The firm's fifty day moving average is $49.45 and its 200 day moving average is $51.87. Innovative Industrial Properties, Inc. has a fifty-two week low of $44.58 and a fifty-two week high of $74.92.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings results on Monday, February 23rd. The company reported $1.88 EPS for the quarter, beating analysts' consensus estimates of $1.71 by $0.17. The business had revenue of $66.66 million for the quarter, compared to analysts' expectations of $66.16 million. Innovative Industrial Properties had a return on equity of 6.43% and a net margin of 44.46%.The business's quarterly revenue was down 13.1% on a year-over-year basis. During the same period last year, the firm earned $2.03 earnings per share. On average, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Thursday, January 15th. Investors of record on Wednesday, December 31st were issued a $1.90 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 13.8%. Innovative Industrial Properties's payout ratio is currently 193.88%.

Analysts Set New Price Targets

Several brokerages have recently weighed in on IIPR. Piper Sandler lifted their price target on shares of Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an "underweight" rating in a research note on Wednesday, February 25th. Weiss Ratings downgraded Innovative Industrial Properties from a "hold (c-)" rating to a "sell (d+)" rating in a research report on Wednesday, January 28th. Finally, Compass Point upgraded Innovative Industrial Properties from a "sell" rating to a "neutral" rating and set a $45.00 price target for the company in a research report on Tuesday. Three analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat, Innovative Industrial Properties has an average rating of "Reduce" and an average target price of $51.75.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.

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