Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by MRP Capital Investments LLC

MRP Capital Investments LLC decreased its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 4.4% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 2,735 shares of the company’s stock after selling 125 shares during the period. MRP Capital Investments LLC’s holdings in Innovative Industrial Properties were worth $299,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Dimensional Fund Advisors LP increased its holdings in shares of Innovative Industrial Properties by 57.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 202,637 shares of the company’s stock valued at $20,430,000 after acquiring an additional 74,289 shares during the period. Principal Financial Group Inc. increased its stake in Innovative Industrial Properties by 1.3% in the fourth quarter. Principal Financial Group Inc. now owns 172,647 shares of the company’s stock valued at $17,406,000 after purchasing an additional 2,138 shares during the period. Norges Bank purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at about $31,116,000. PNC Financial Services Group Inc. boosted its stake in shares of Innovative Industrial Properties by 91.1% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,014 shares of the company’s stock worth $304,000 after buying an additional 1,437 shares during the period. Finally, Corient Private Wealth LLC purchased a new position in shares of Innovative Industrial Properties during the fourth quarter worth about $648,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Up 0.9 %

Shares of NYSE:IIPR opened at $134.80 on Thursday. Innovative Industrial Properties, Inc. has a fifty-two week low of $69.08 and a fifty-two week high of $137.47. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15. The firm’s 50-day simple moving average is $121.37 and its 200-day simple moving average is $110.19. The company has a market cap of $3.82 billion, a price-to-earnings ratio of 23.65 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data 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 during the quarter, compared to analysts’ expectations of $77.18 million. Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. Innovative Industrial Properties’s revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.26 EPS. As a group, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.41 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 5.64%. The ex-dividend date of this dividend is Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is presently 133.33%.

Wall Street Analyst Weigh In

IIPR has been the topic of several recent research reports. Roth Mkm boosted their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research report on Monday, July 22nd. Piper Sandler boosted their target price on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 9th.

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.