Nisa Investment Advisors LLC Sells 2,828 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Nisa Investment Advisors LLC reduced its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 18.1% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 12,821 shares of the company’s stock after selling 2,828 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Innovative Industrial Properties were worth $880,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Wellington Management Group LLP increased its holdings in Innovative Industrial Properties by 48.6% in the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after buying an additional 185,855 shares during the period. Empirical Asset Management LLC acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $4,794,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Innovative Industrial Properties by 1,054.5% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company’s stock valued at $8,354,000 after acquiring an additional 56,689 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after purchasing an additional 45,779 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Innovative Industrial Properties by 17.5% during the third quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after purchasing an additional 35,269 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Innovative Industrial Properties stock opened at $69.21 on Tuesday. The business has a 50 day moving average of $85.32 and a 200-day moving average of $110.50. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. Innovative Industrial Properties, Inc. has a 1 year low of $62.45 and a 1 year high of $138.35. The company has a market capitalization of $1.96 billion, a P/E ratio of 12.32 and a beta of 1.39.

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

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a $1.90 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.98%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Analysts Set New Price Targets

A number of equities analysts have recently commented on the company. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. BTIG Research cut shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Finally, Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $125.00 to $78.00 in a research note on Friday, December 20th. One analyst has rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $104.50.

Innovative Industrial Properties Company 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.