Tidal Investments LLC Sells 47,883 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Tidal Investments LLC reduced its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 26.2% in the fourth quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 135,064 shares of the company's stock after selling 47,883 shares during the quarter. Tidal Investments LLC owned 0.48% of Innovative Industrial Properties worth $9,001,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Summit Investment Advisors Inc. grew its stake in shares of Innovative Industrial Properties by 5.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company's stock worth $196,000 after acquiring an additional 160 shares during the period. Nissay Asset Management Corp Japan ADV grew its stake in shares of Innovative Industrial Properties by 4.0% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company's stock worth $288,000 after acquiring an additional 164 shares during the period. Roberts Glore & Co. Inc. IL grew its stake in shares of Innovative Industrial Properties by 4.6% in the fourth quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company's stock worth $261,000 after acquiring an additional 172 shares during the period. Avantax Advisory Services Inc. grew its stake in shares of Innovative Industrial Properties by 2.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company's stock worth $636,000 after acquiring an additional 192 shares during the period. Finally, Pinebridge Investments L.P. grew its stake in shares of Innovative Industrial Properties by 4.3% in the fourth quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company's stock worth $312,000 after acquiring an additional 193 shares during the period. 70.58% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now owns 1,346 shares of the company's stock, valued at $94,960.30. The trade was a 84.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 2.00% of the company's stock.

Innovative Industrial Properties Stock Performance

Shares of NYSE IIPR opened at $56.85 on Tuesday. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a 12-month low of $45.44 and a 12-month high of $138.35. The firm has a market capitalization of $1.59 billion, a price-to-earnings ratio of 10.28 and a beta of 1.73. The firm has a 50 day moving average of $56.01 and a 200 day moving average of $74.23.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing the consensus estimate of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The firm had revenue of $71.72 million for the quarter, compared to analysts' expectations of $72.20 million. During the same period in the prior year, the firm earned $2.21 EPS. Innovative Industrial Properties's revenue for the quarter was down 5.7% compared to the same quarter last year. On average, research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 13.37%. The ex-dividend date was Monday, March 31st. Innovative Industrial Properties's dividend payout ratio is currently 146.15%.

Analysts Set New Price Targets

A number of brokerages have recently commented on IIPR. Industrial Alliance Securities reiterated a "neutral" rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Compass Point reiterated a "sell" rating and issued a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Roth Mkm cut their target price on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Wolfe Research began coverage on shares of Innovative Industrial Properties in a research report on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 target price for the company. Finally, Piper Sandler cut their target price on shares of 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. 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 issued a strong buy rating to the company's stock. According to MarketBeat.com, the company presently 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.

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