Penserra Capital Management LLC Trims Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Penserra Capital Management LLC decreased its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 57.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,432 shares of the company's stock after selling 14,254 shares during the period. Penserra Capital Management LLC's holdings in Innovative Industrial Properties were worth $564,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of IIPR. Norges Bank bought a new stake in shares of Innovative Industrial Properties in the 4th quarter worth $22,635,000. Balyasny Asset Management L.P. bought a new position in Innovative Industrial Properties during the fourth quarter worth about $9,615,000. Voloridge Investment Management LLC lifted its holdings in shares of Innovative Industrial Properties by 2,683.2% in the fourth quarter. Voloridge Investment Management LLC now owns 97,494 shares of the company's stock worth $6,497,000 after buying an additional 93,991 shares in the last quarter. Northern Trust Corp raised its stake in Innovative Industrial Properties by 20.6% in the fourth 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. Finally, Vanguard Group Inc. raised its stake 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 valued at $294,798,000 after purchasing an additional 64,908 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company's stock.

Innovative Industrial Properties Trading Up 0.3%

NYSE:IIPR traded up $0.19 on Monday, reaching $56.30. The company's stock had a trading volume of 235,434 shares, compared to its average volume of 282,964. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-month high of $138.35. The company has a quick ratio of 10.73, a current ratio of 10.73 and a debt-to-equity ratio of 0.15. The firm has a market cap of $1.58 billion, a price-to-earnings ratio of 10.83 and a beta of 1.69. The stock has a 50 day moving average price of $56.12 and a 200 day moving average price of $61.50.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing analysts' consensus estimates of $2.06 by ($0.12). The business had revenue of $71.72 million during the quarter, compared to analysts' expectations of $72.20 million. Innovative Industrial Properties had a net margin of 50.30% and a return on equity of 8.01%. The company's revenue was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.21 EPS. On average, equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, July 15th. Investors of record on Monday, June 30th will be issued a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, June 30th. This represents a $7.60 annualized dividend and a yield of 13.50%. Innovative Industrial Properties's dividend payout ratio is presently 146.15%.

Wall Street Analyst Weigh In

Several research analysts have commented on IIPR shares. Industrial Alliance Securities reissued a "neutral" rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Wolfe Research cut shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a report on Wednesday, July 2nd. Piper Sandler dropped their target price on shares of 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, Compass Point reiterated a "sell" rating and issued a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Innovative Industrial Properties has an average 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.