PNC Financial Services Group Inc. Decreases Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

PNC Financial Services Group Inc. lowered its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 26.3% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,378 shares of the company’s stock after selling 847 shares during the period. PNC Financial Services Group Inc.’s holdings in Innovative Industrial Properties were worth $158,000 as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Bogart Wealth LLC acquired a new stake in Innovative Industrial Properties in the fourth quarter valued at approximately $27,000. Compass Financial Services Inc acquired a new stake in shares of Innovative Industrial Properties in the 4th quarter worth $32,000. Smartleaf Asset Management LLC grew its stake in Innovative Industrial Properties by 182.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after buying an additional 417 shares during the last quarter. Canton Hathaway LLC acquired a new position in Innovative Industrial Properties during the 3rd quarter valued at about $55,000. Finally, Loomis Sayles & Co. L P raised its stake in Innovative Industrial Properties by 3,130.8% in the third 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 during the last quarter. Institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on IIPR shares. Piper Sandler dropped their price target on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating on the stock in a research note on Monday, March 17th. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Roth Mkm dropped their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 21st. Finally, Industrial Alliance Securities set a $60.00 target price on Innovative Industrial Properties in a research report on Tuesday, March 18th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $88.00.

Insider Transactions at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now directly owns 1,346 shares of the company’s stock, valued at $94,960.30. This represents a 84.95 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 1.50% of the company’s stock.

Innovative Industrial Properties Trading Up 0.1 %

NYSE IIPR opened at $63.44 on Monday. Innovative Industrial Properties, Inc. has a 1 year low of $61.72 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The company has a market capitalization of $1.80 billion, a PE ratio of 11.47 and a beta of 1.49. The company has a fifty day moving average of $70.42 and a 200 day moving average of $97.11.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting the consensus estimate of $2.22. The business had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. Research analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.98%. Innovative Industrial Properties’s payout ratio is 137.43%.

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.