Janney Montgomery Scott LLC Sells 757 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Janney Montgomery Scott LLC lessened its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 14.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,608 shares of the company’s stock after selling 757 shares during the period. Janney Montgomery Scott LLC’s holdings in Innovative Industrial Properties were worth $307,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in IIPR. Wellington Management Group LLP lifted its stake in Innovative Industrial Properties by 48.6% during the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after purchasing an additional 185,855 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Innovative Industrial Properties by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after buying an additional 10,711 shares in the last quarter. JPMorgan Chase & Co. lifted its position in shares of Innovative Industrial Properties by 17.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after buying an additional 35,269 shares during the last quarter. Empirical Asset Management LLC acquired a new stake in Innovative Industrial Properties in the fourth quarter valued at about $4,794,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in Innovative Industrial Properties by 1,054.5% during 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 worth $8,354,000 after acquiring an additional 56,689 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on IIPR shares. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their price target for the company from $125.00 to $78.00 in a research note on Friday, December 20th. Piper Sandler downgraded Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $118.00 to $70.00 in a research report on Friday, December 20th. Finally, JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $104.50.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $74.30 on Wednesday. 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 one year low of $62.45 and a one year high of $138.35. The business’s 50 day simple moving average is $77.39 and its 200 day simple moving average is $106.80. The stock has a market capitalization of $2.10 billion, a PE ratio of 13.22 and a beta of 1.40.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 10.23%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is presently 135.23%.

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.