Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Cetera Investment Advisers

Cetera Investment Advisers trimmed its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 7.3% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 13,524 shares of the company’s stock after selling 1,063 shares during the period. Cetera Investment Advisers’ holdings in Innovative Industrial Properties were worth $1,477,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also made changes to their positions in the company. LSV Asset Management raised its stake in shares of Innovative Industrial Properties by 124.4% in the 1st quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after acquiring an additional 56,200 shares during the period. Prevail Innovative Wealth Advisors LLC purchased a new stake in shares of Innovative Industrial Properties in the 1st quarter valued at approximately $2,046,000. SG Americas Securities LLC raised its stake in shares of Innovative Industrial Properties by 75.7% in the 1st quarter. SG Americas Securities LLC now owns 19,573 shares of the company’s stock valued at $2,027,000 after acquiring an additional 8,436 shares during the period. Texas Permanent School Fund Corp raised its stake in shares of Innovative Industrial Properties by 1.4% in the 1st quarter. Texas Permanent School Fund Corp now owns 24,540 shares of the company’s stock valued at $2,541,000 after acquiring an additional 328 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of Innovative Industrial Properties by 18.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,159 shares of the company’s stock valued at $21,242,000 after acquiring an additional 31,313 shares during the period. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Trading Up 1.2 %

Shares of NYSE:IIPR opened at $133.73 on Wednesday. Innovative Industrial Properties, Inc. has a 52 week low of $69.08 and a 52 week high of $138.35. The company’s 50 day moving average is $126.10 and its two-hundred day moving average is $114.54. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15. The company has a market cap of $3.79 billion, a PE ratio of 23.46 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 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The firm had revenue of $79.79 million during the quarter, compared to analysts’ expectations of $77.18 million. During the same period in the prior year, the company posted $2.26 earnings per share. The company’s revenue for the quarter was up 4.4% on a year-over-year basis. Equities analysts predict that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 5.68%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s payout ratio is 133.33%.

Analyst Ratings Changes

IIPR has been the topic of several recent research reports. Roth Mkm upped their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Finally, Piper Sandler upped their target price on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th.

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.