Millennium Management LLC Sells 25,486 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Millennium Management LLC trimmed its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 66.6% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 12,795 shares of the company's stock after selling 25,486 shares during the period. Millennium Management LLC's holdings in Innovative Industrial Properties were worth $853,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in IIPR. Norges Bank bought a new position in shares of Innovative Industrial Properties during the 4th quarter valued at $22,635,000. Balyasny Asset Management L.P. bought a new position in shares of Innovative Industrial Properties during the 4th quarter valued at $9,615,000. Cambiar Investors LLC raised its holdings in shares of Innovative Industrial Properties by 370.0% during the 4th quarter. Cambiar Investors LLC now owns 108,284 shares of the company's stock valued at $7,216,000 after purchasing an additional 85,244 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Innovative Industrial Properties by 25.8% during the 4th quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company's stock valued at $25,233,000 after purchasing an additional 77,552 shares in the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Innovative Industrial Properties by 20.6% during the 4th quarter. Northern Trust Corp now owns 435,879 shares of the company's stock valued at $29,047,000 after purchasing an additional 74,342 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Stock Performance

IIPR stock traded up $0.25 during trading hours on Tuesday, reaching $56.93. The stock had a trading volume of 103,932 shares, compared to its average volume of 273,461. The stock has a 50-day simple moving average of $53.69 and a 200 day simple moving average of $68.51. 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 stock has a market capitalization of $1.59 billion, a PE ratio of 10.32 and a beta of 1.70. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its earnings results on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.12). The firm had revenue of $71.72 million during 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%. Innovative Industrial Properties's quarterly revenue was down 5.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.21 earnings per share. Analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 13.35%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 146.15%.

Analysts Set New Price Targets

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

Innovative Industrial Properties Company 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.