Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Stifel Financial Corp

Stifel Financial Corp decreased its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 15.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,606 shares of the company’s stock after selling 1,527 shares during the quarter. Stifel Financial Corp’s holdings in Innovative Industrial Properties were worth $1,158,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the company. USA Financial Formulas acquired a new position in Innovative Industrial Properties in the 3rd quarter worth about $25,000. Signaturefd LLC increased its position in shares of Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after buying an additional 150 shares in the last quarter. Canton Hathaway LLC acquired a new position in shares of Innovative Industrial Properties during the 3rd quarter worth approximately $55,000. Loomis Sayles & Co. L P raised its stake 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 worth $57,000 after buying an additional 407 shares during the period. Finally, Federated Hermes Inc. lifted its position in shares of Innovative Industrial Properties by 138.1% during the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after buying an additional 312 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 %

IIPR stock opened at $73.66 on Monday. 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 50-day moving average of $114.40 and a two-hundred day moving average of $117.98. Innovative Industrial Properties, Inc. has a 12 month low of $70.88 and a 12 month high of $138.35. The company 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 posted 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 company had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. Innovative Industrial Properties’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same period in the prior year, the business posted $2.29 EPS. As a group, analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders 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 annualized dividend and a dividend yield of 10.32%. Innovative Industrial Properties’s payout ratio is 135.23%.

Analysts Set New Price Targets

Several equities research analysts recently commented on IIPR shares. Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and cut their price target for the stock from $125.00 to $78.00 in a report on Friday. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Alliance Global Partners began coverage on Innovative Industrial Properties in a research note on Tuesday, December 17th. They set a “buy” rating and a $130.00 price objective for the company. Finally, Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. One research analyst has rated the stock with a sell rating, three have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $104.50.

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.