Stifel Financial Corp Sells 4,820 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Stifel Financial Corp trimmed its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 56.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 3,786 shares of the company's stock after selling 4,820 shares during the quarter. Stifel Financial Corp's holdings in Innovative Industrial Properties were worth $252,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the company. Barclays PLC increased its position in Innovative Industrial Properties by 187.5% during the third quarter. Barclays PLC now owns 47,988 shares of the company's stock worth $6,459,000 after buying an additional 31,295 shares during the period. Franklin Resources Inc. boosted its stake in shares of Innovative Industrial Properties by 10.3% in the third quarter. Franklin Resources Inc. now owns 22,572 shares of the company's stock valued at $2,984,000 after buying an additional 2,105 shares in the last quarter. Empirical Asset Management LLC acquired a new stake in Innovative Industrial Properties in the fourth quarter valued at $4,794,000. TrueWealth Advisors LLC grew its stake in Innovative Industrial Properties by 15.3% in the 4th quarter. TrueWealth Advisors LLC now owns 27,657 shares of the company's stock valued at $1,843,000 after acquiring an additional 3,672 shares during the last quarter. Finally, SG Americas Securities LLC grew its stake in Innovative Industrial Properties by 551.6% in the 4th quarter. SG Americas Securities LLC now owns 7,519 shares of the company's stock valued at $501,000 after acquiring an additional 6,365 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on IIPR shares. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Roth Mkm cut their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Wolfe Research started 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 objective on the stock. Compass Point restated a "sell" rating and issued a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Finally, Piper Sandler decreased their price objective on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a report on Tuesday, April 15th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to MarketBeat, Innovative Industrial Properties has an average rating of "Hold" and a consensus price target of $78.67.

Innovative Industrial Properties Trading Up 2.9%

IIPR traded up $1.59 during midday trading on Friday, reaching $57.04. 272,913 shares of the company were exchanged, compared to its average volume of 271,119. The stock has a market capitalization of $1.60 billion, a P/E ratio of 10.31 and a beta of 1.73. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The stock's 50-day simple moving average is $56.29 and its 200 day simple moving average is $75.10. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35.

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 for the quarter, missing the consensus estimate of $2.06 by ($0.12). Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $71.72 million for the quarter, compared to analyst estimates of $72.20 million. During the same period last year, the firm earned $2.21 EPS. The firm's revenue for the quarter was down 5.7% compared to the same quarter last year. As a group, analysts forecast 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. Investors of record on Monday, March 31st were paid a $1.90 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 13.32%. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 146.15%.

Insider Activity

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the company's stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares of the company's stock, valued at $94,960.30. This represents a 84.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.50% of the company's stock.

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.