Victory Capital Management Inc. Has $2.10 Million Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Victory Capital Management Inc. cut its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 14.3% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 31,542 shares of the company’s stock after selling 5,242 shares during the period. Victory Capital Management Inc. owned 0.11% of Innovative Industrial Properties worth $2,102,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of IIPR. Pacer Advisors Inc. acquired a new position in Innovative Industrial Properties during the fourth quarter valued at approximately $42,006,000. Wellington Management Group LLP raised its stake in Innovative Industrial Properties by 48.6% in the third 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. Cambiar Investors LLC raised its stake in Innovative Industrial Properties by 370.0% in the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock valued at $7,216,000 after buying an additional 85,244 shares during the period. Bank of New York Mellon Corp raised its stake in Innovative Industrial Properties by 25.8% in the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock valued at $25,233,000 after buying an additional 77,552 shares during the period. Finally, Empirical Asset Management LLC bought a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $4,794,000. 70.58% of the stock is owned by institutional investors and hedge funds.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $64.36 on Tuesday. The firm has a market cap of $1.82 billion, a P/E ratio of 11.64 and a beta of 1.49. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a 1-year low of $62.45 and a 1-year high of $138.35. The business’s 50 day moving average is $70.50 and its 200-day moving average is $98.77.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The company had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $1.90 per share. The ex-dividend date is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a yield of 11.81%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Insiders Place Their Bets

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the sale, the director now owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Corporate insiders own 1.50% of the company’s stock.

Analyst Ratings Changes

IIPR has been the topic of several research analyst reports. Alliance Global Partners lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Piper Sandler dropped their price objective on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a research note on Monday. Compass Point lowered 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. Finally, BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Innovative Industrial Properties presently has an average rating of “Hold” and an average price target of $99.50.

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.