Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Los Angeles Capital Management LLC

Los Angeles Capital Management LLC reduced its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 61.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,420 shares of the company’s stock after selling 3,860 shares during the period. Los Angeles Capital Management LLC’s holdings in Innovative Industrial Properties were worth $264,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Private Advisor Group LLC raised its holdings in Innovative Industrial Properties by 5.7% in the second quarter. Private Advisor Group LLC now owns 16,724 shares of the company’s stock valued at $1,827,000 after acquiring an additional 907 shares in the last quarter. Arizona State Retirement System raised its holdings in Innovative Industrial Properties by 2.5% in the second quarter. Arizona State Retirement System now owns 7,895 shares of the company’s stock valued at $862,000 after acquiring an additional 189 shares in the last quarter. Convergence Investment Partners LLC raised its holdings in Innovative Industrial Properties by 29.8% in the second quarter. Convergence Investment Partners LLC now owns 19,246 shares of the company’s stock valued at $2,102,000 after acquiring an additional 4,424 shares in the last quarter. Van ECK Associates Corp raised its holdings in Innovative Industrial Properties by 7.6% in the second quarter. Van ECK Associates Corp now owns 4,312 shares of the company’s stock valued at $471,000 after acquiring an additional 306 shares in the last quarter. Finally, Commonwealth Equity Services LLC raised its holdings in Innovative Industrial Properties by 5.5% in the second quarter. Commonwealth Equity Services LLC now owns 31,379 shares of the company’s stock valued at $3,427,000 after acquiring an additional 1,648 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. Piper Sandler upped their price target on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Roth Mkm increased their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 22nd.

Innovative Industrial Properties Stock Up 1.8 %

Shares of NYSE:IIPR opened at $129.16 on Monday. The stock has a market capitalization of $3.66 billion, a price-to-earnings ratio of 22.66 and a beta of 1.35. Innovative Industrial Properties, Inc. has a 1-year low of $69.08 and a 1-year high of $129.45. The company’s fifty day moving average is $119.87 and its two-hundred day moving average is $109.44. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). The business had revenue of $79.79 million for the quarter, compared to analyst estimates of $77.18 million. Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same period last year, the company posted $2.26 earnings per share. Equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.41 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $1.90 per share. The ex-dividend date is Monday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 5.88%. Innovative Industrial Properties’s dividend payout ratio is currently 133.33%.

Innovative Industrial Properties 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.