Mutual of America Capital Management LLC Sells 395 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Mutual of America Capital Management LLC reduced its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 8.5% in the third quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 4,268 shares of the company’s stock after selling 395 shares during the period. Mutual of America Capital Management LLC’s holdings in Innovative Industrial Properties were worth $574,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Sheaff Brock Investment Advisors LLC purchased a new position in Innovative Industrial Properties in the third quarter valued at approximately $227,000. Metis Global Partners LLC raised its stake in shares of Innovative Industrial Properties by 29.6% in the third quarter. Metis Global Partners LLC now owns 2,917 shares of the company’s stock valued at $393,000 after buying an additional 667 shares during the period. KBC Group NV lifted its position in shares of Innovative Industrial Properties by 28.2% during the 3rd quarter. KBC Group NV now owns 940 shares of the company’s stock valued at $127,000 after buying an additional 207 shares during the last quarter. Victory Capital Management Inc. grew its stake in shares of Innovative Industrial Properties by 23.4% during the 3rd quarter. Victory Capital Management Inc. now owns 36,784 shares of the company’s stock worth $4,951,000 after acquiring an additional 6,977 shares during the period. Finally, Versor Investments LP increased its holdings in Innovative Industrial Properties by 98.3% in the 3rd quarter. Versor Investments LP now owns 12,227 shares of the company’s stock worth $1,646,000 after acquiring an additional 6,062 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on IIPR. Piper Sandler dropped their price objective on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Friday, November 8th. Finally, Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties Price Performance

IIPR stock opened at $109.36 on Wednesday. The firm has a 50 day moving average of $125.51 and a 200-day moving average of $118.70. The firm has a market capitalization of $3.10 billion, a P/E ratio of 19.72 and a beta of 1.37. Innovative Industrial Properties, Inc. has a 12 month low of $78.10 and a 12 month high of $138.35. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). The firm had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same period in the previous year, the business earned $2.29 earnings per share. As a group, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 6.95%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s payout ratio is 135.23%.

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.