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Zimmer Partners LP Sells 265,000 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Innovative Industrial Properties logo with Finance background

Zimmer Partners LP lowered its position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 81.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 62,240 shares of the company's stock after selling 265,000 shares during the period. Zimmer Partners LP owned about 0.22% of Innovative Industrial Properties worth $4,148,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in IIPR. Summit Investment Advisors Inc. lifted its stake in Innovative Industrial Properties by 5.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company's stock valued at $196,000 after buying an additional 160 shares in the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in Innovative Industrial Properties by 4.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company's stock valued at $288,000 after acquiring an additional 164 shares in the last quarter. Roberts Glore & Co. Inc. IL boosted its stake in Innovative Industrial Properties by 4.6% in the 4th quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company's stock worth $261,000 after purchasing an additional 172 shares during the period. Avantax Advisory Services Inc. increased its holdings in Innovative Industrial Properties by 2.1% during the 4th quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company's stock worth $636,000 after purchasing an additional 192 shares in the last quarter. Finally, Pinebridge Investments L.P. increased its holdings in Innovative Industrial Properties by 4.3% during the 4th quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company's stock worth $312,000 after purchasing an additional 193 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company's stock.

Innovative Industrial Properties Stock Down 0.1%

Shares of Innovative Industrial Properties stock traded down $0.06 on Monday, reaching $55.48. 147,305 shares of the company were exchanged, compared to its average volume of 272,139. The company has a market capitalization of $1.55 billion, a price-to-earnings ratio of 10.03 and a beta of 1.73. 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 one year low of $45.44 and a one year high of $138.35. The company has a 50-day moving average of $55.13 and a 200 day moving average of $72.33.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.12). The firm had revenue of $71.72 million for the quarter, compared to the consensus estimate of $72.20 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The business's revenue was down 5.7% compared to the same quarter last year. During the same period last year, the company posted $2.21 earnings per share. On average, equities research analysts forecast 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 announced a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were issued a $1.90 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.70%. Innovative Industrial Properties's payout ratio is 146.15%.

Insider Activity at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the business's stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now directly owns 1,346 shares of the company's stock, valued at approximately $94,960.30. The trade was a 84.95% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 2.00% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

IIPR has been the subject of several recent research reports. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Roth Mkm reduced their price target on 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 initiated coverage on shares of Innovative Industrial Properties in a research note on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 price target for the company. Compass Point reissued a "sell" rating and issued a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Finally, Piper Sandler decreased 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 assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $78.67.

View Our Latest Report on IIPR

Innovative Industrial Properties Company Profile

(Free Report)

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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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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