Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Russell Investments Group Ltd.

Russell Investments Group Ltd. lowered its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 34.7% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,434 shares of the company's stock after selling 5,023 shares during the period. Russell Investments Group Ltd.'s holdings in Innovative Industrial Properties were worth $629,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in IIPR. Bogart Wealth LLC acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth approximately $27,000. Compass Financial Services Inc acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth approximately $32,000. Smartleaf Asset Management LLC grew its position in shares of Innovative Industrial Properties by 182.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock worth $43,000 after buying an additional 417 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth approximately $50,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new stake in shares of Innovative Industrial Properties during the fourth quarter worth approximately $57,000. Institutional investors and hedge funds own 70.58% of the company's stock.

Insider Buying and Selling at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the firm's 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 in the company, valued at $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is owned by company insiders.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR traded up $0.24 during trading hours on Monday, hitting $53.80. The stock had a trading volume of 137,968 shares, compared to its average volume of 272,251. The stock's fifty day simple moving average is $61.20 and its 200 day simple moving average is $82.33. Innovative Industrial Properties, Inc. has a 1-year low of $45.44 and a 1-year high of $138.35. The firm has a market capitalization of $1.52 billion, a price-to-earnings ratio of 9.73 and a beta of 1.59. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting the consensus estimate of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal 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 paid a $1.90 dividend. The ex-dividend date was Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 14.13%. Innovative Industrial Properties's payout ratio is currently 137.43%.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Piper Sandler decreased their price target 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. Wolfe Research assumed coverage on shares of Innovative Industrial Properties in a research report on Wednesday, April 23rd. They set an "outperform" rating and a $57.00 price target for the company. Compass Point reaffirmed a "sell" rating and issued a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Finally, Roth Mkm decreased their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a report on Friday, February 21st. Two research analysts have rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $78.67.

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.