HighTower Advisors LLC Trims Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

HighTower Advisors LLC trimmed its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 8.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 3,416 shares of the company’s stock after selling 326 shares during the period. HighTower Advisors LLC’s holdings in Innovative Industrial Properties were worth $462,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. USA Financial Formulas bought a new stake in shares of Innovative Industrial Properties during the third quarter valued at approximately $25,000. Canton Hathaway LLC purchased a new position in Innovative Industrial Properties during the third quarter valued at $55,000. Loomis Sayles & Co. L P boosted its holdings in shares of Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after buying an additional 407 shares in the last quarter. US Bancorp DE grew its position in shares of Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after buying an additional 189 shares during the period. Finally, Signaturefd LLC increased its stake in shares of Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after acquiring an additional 150 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Down 22.7 %

Innovative Industrial Properties stock opened at $73.66 on Friday. Innovative Industrial Properties, Inc. has a 12 month low of $70.88 and a 12 month high of $138.35. The stock has a fifty day simple moving average of $114.40 and a two-hundred day simple moving average of $117.93. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm has a market cap of $2.09 billion, a price-to-earnings ratio of 13.11 and a beta of 1.30.

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

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st will be given a dividend of $1.90 per share. The ex-dividend date is Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 10.32%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

Analysts Set New Price Targets

Several research firms recently commented on IIPR. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Alliance Global Partners initiated coverage on Innovative Industrial Properties in a report on Tuesday, December 17th. They issued a “buy” rating and a $130.00 target price on the stock. Finally, Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price target for the company from $125.00 to $78.00 in a report on Friday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $104.50.

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.