Mirae Asset Global Investments Co. Ltd. Sells 2,669 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Mirae Asset Global Investments Co. Ltd. lowered its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 77.1% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 791 shares of the company’s stock after selling 2,669 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Innovative Industrial Properties were worth $54,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in IIPR. Canton Hathaway LLC bought a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at approximately $55,000. Loomis Sayles & Co. L P raised its position in shares of 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 purchasing an additional 407 shares during the period. US Bancorp DE lifted its stake in shares of Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after buying an additional 189 shares during the last quarter. Quest Partners LLC bought a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth $95,000. Finally, KBC Group NV grew its stake in Innovative Industrial Properties by 28.2% in the 3rd quarter. KBC Group NV now owns 940 shares of the company’s stock valued at $127,000 after buying an additional 207 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Analyst Ratings Changes

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

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $73.17 on Friday. The company has a market capitalization of $2.07 billion, a P/E ratio of 13.02 and a beta of 1.40. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 12 month low of $62.45 and a 12 month high of $138.35. The stock has a 50 day moving average of $75.38 and a two-hundred day moving average of $106.00.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 10.39%. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

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.