Callan Capital LLC Sells 32,269 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Callan Capital LLC decreased its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 68.8% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 14,610 shares of the company's stock after selling 32,269 shares during the period. Callan Capital LLC owned 0.05% of Innovative Industrial Properties worth $1,473,000 as of its most recent filing with the SEC.

Several other hedge funds have also added to or reduced their stakes in IIPR. Vontobel Holding Ltd. raised its position in Innovative Industrial Properties by 10.9% in the third quarter. Vontobel Holding Ltd. now owns 4,535 shares of the company's stock worth $343,000 after acquiring an additional 447 shares during the period. AE Wealth Management LLC increased its stake in shares of Innovative Industrial Properties by 9.9% in the third quarter. AE Wealth Management LLC now owns 4,347 shares of the company's stock worth $329,000 after purchasing an additional 390 shares in the last quarter. Global Retirement Partners LLC increased its stake in shares of Innovative Industrial Properties by 67.6% in the third quarter. Global Retirement Partners LLC now owns 796 shares of the company's stock worth $58,000 after purchasing an additional 321 shares in the last quarter. SG Americas Securities LLC increased its stake in shares of Innovative Industrial Properties by 90.2% in the third quarter. SG Americas Securities LLC now owns 29,948 shares of the company's stock worth $2,266,000 after purchasing an additional 14,204 shares in the last quarter. Finally, Flagship Harbor Advisors LLC increased its stake in shares of Innovative Industrial Properties by 5.8% in the third quarter. Flagship Harbor Advisors LLC now owns 5,535 shares of the company's stock worth $419,000 after purchasing an additional 305 shares in the last quarter. Institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Price Performance

NYSE:IIPR traded down $0.17 during mid-day trading on Friday, hitting $97.71. 101,460 shares of the stock traded hands, compared to its average volume of 157,313. The business's 50-day moving average price is $97.76 and its 200 day moving average price is $90.82. The company has a market cap of $2.76 billion, a PE ratio of 16.93 and a beta of 1.49. Innovative Industrial Properties, Inc. has a 12-month low of $64.56 and a 12-month high of $105.81. The company has a quick ratio of 14.22, a current ratio of 14.22 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings data on Monday, February 26th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $2.07 by ($0.62). The firm had revenue of $79.16 million for the quarter, compared to analysts' expectations of $76.55 million. Innovative Industrial Properties had a net margin of 53.50% and a return on equity of 8.54%. On average, analysts expect that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a dividend of $1.82 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $7.28 annualized dividend and a yield of 7.45%. Innovative Industrial Properties's dividend payout ratio is currently 126.17%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on IIPR. TheStreet upgraded shares of Innovative Industrial Properties from a "c+" rating to a "b-" rating in a research note on Wednesday, January 10th. Piper Sandler lifted their target price on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a "neutral" rating in a research note on Thursday, February 29th. Four research analysts have rated the stock with a hold rating, Based on data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $92.67.

About Innovative Industrial Properties

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.