Penserra Capital Management LLC Cuts Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

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

Other hedge funds have also recently modified their holdings of the company. Charles Schwab Investment Management Inc. boosted its holdings in Innovative Industrial Properties by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock worth $30,958,000 after buying an additional 7,179 shares during the period. Vanguard Group Inc. grew its holdings in Innovative Industrial Properties by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company's stock valued at $294,798,000 after buying an additional 64,908 shares in the last quarter. LPL Financial LLC increased its holdings in Innovative Industrial Properties by 30.4% in the 4th quarter. LPL Financial LLC now owns 39,919 shares of the company's stock valued at $2,660,000 after acquiring an additional 9,312 shares during the last quarter. Bank of America Corp DE grew its position in shares of Innovative Industrial Properties by 9.1% during the fourth quarter. Bank of America Corp DE now owns 16,759 shares of the company's stock valued at $1,117,000 after purchasing an additional 1,395 shares in the last quarter. Finally, Janney Montgomery Scott LLC increased its holdings in shares of Innovative Industrial Properties by 6.9% in the first quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company's stock worth $267,000 after purchasing an additional 319 shares during the last quarter. Institutional investors own 70.58% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on IIPR shares. Industrial Alliance Securities restated a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Wolfe Research downgraded Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, July 2nd. Piper Sandler lowered their price target on Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research report on Tuesday, April 15th. Finally, Compass Point reiterated a "sell" rating and set a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Two 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 issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $78.67.

Innovative Industrial Properties Trading Up 0.2%

Shares of NYSE:IIPR traded up $0.09 on Friday, hitting $56.12. 228,726 shares of the company's stock were exchanged, compared to its average volume of 244,962. Innovative Industrial Properties, Inc. has a 12 month low of $45.44 and a 12 month high of $138.35. The business's 50 day simple moving average is $56.12 and its two-hundred day simple moving average is $61.62. The stock has a market capitalization of $1.57 billion, a price-to-earnings ratio of 6.44 and a beta of 1.69. The company has a debt-to-equity ratio of 0.15, a current ratio of 10.73 and a quick ratio of 10.73.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) 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 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 firm's revenue for the quarter was down 5.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.21 EPS. 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 declared a quarterly dividend, which will be paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th will be paid a dividend of $1.90 per share. The ex-dividend date is Monday, June 30th. This represents a $7.60 annualized dividend and a dividend yield of 13.54%. Innovative Industrial Properties's dividend payout ratio is currently 146.15%.

Innovative Industrial Properties 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.