Vanguard Group Inc. Trims Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Vanguard Group Inc. lowered its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 0.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,386,592 shares of the company's stock after selling 34,316 shares during the period. Vanguard Group Inc. owned about 15.64% of Innovative Industrial Properties worth $331,890,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. BlackRock Inc. increased its stake in shares of Innovative Industrial Properties by 2.1% in the second quarter. BlackRock Inc. now owns 5,003,990 shares of the company's stock valued at $365,341,000 after purchasing an additional 100,973 shares during the period. State Street Corp grew its position in Innovative Industrial Properties by 7.3% in the second quarter. State Street Corp now owns 1,712,372 shares of the company's stock worth $128,046,000 after buying an additional 116,221 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its stake in Innovative Industrial Properties by 3.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 363,500 shares of the company's stock worth $27,502,000 after purchasing an additional 12,026 shares during the period. Northern Trust Corp boosted its stake in Innovative Industrial Properties by 8.6% in the 3rd quarter. Northern Trust Corp now owns 358,166 shares of the company's stock worth $27,099,000 after purchasing an additional 28,403 shares during the period. Finally, Morgan Stanley boosted its stake in Innovative Industrial Properties by 7.1% in the 4th quarter. Morgan Stanley now owns 342,051 shares of the company's stock worth $34,667,000 after purchasing an additional 22,583 shares during the period. Institutional investors own 70.58% of the company's stock.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the stock. Piper Sandler lifted their target price on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the company a "neutral" rating in a research note on Thursday, February 29th. TheStreet raised shares of Innovative Industrial Properties from a "c+" rating to a "b-" rating in a research note on Wednesday, January 10th. Four equities research analysts have rated the stock with a hold rating, Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $92.67.

Innovative Industrial Properties Stock Performance

Shares of IIPR traded up $0.69 during trading hours on Wednesday, reaching $104.27. 226,657 shares of the company traded hands, compared to its average volume of 235,317. The stock's fifty day moving average is $95.23 and its 200 day moving average is $88.03. The stock has a market cap of $2.94 billion, a P/E ratio of 18.07 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a quick ratio of 14.22 and a current ratio of 14.22. Innovative Industrial Properties, Inc. has a 1-year low of $63.36 and a 1-year high of $105.81.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its earnings results on Monday, February 26th. The company reported $1.45 earnings per share for the quarter, missing analysts' consensus estimates of $2.07 by ($0.62). The business had revenue of $79.16 million during the quarter, compared to the consensus estimate of $76.55 million. Innovative Industrial Properties had a net margin of 53.50% and a return on equity of 8.54%. Equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.35 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, April 15th. Investors of record on Thursday, March 28th will be paid a $1.82 dividend. The ex-dividend date of this dividend is Wednesday, March 27th. This represents a $7.28 dividend on an annualized basis and a yield of 6.98%. Innovative Industrial Properties's payout ratio is currently 126.17%.

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.