Covestor Ltd Reduces Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Covestor Ltd lessened its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 15.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,054 shares of the company’s stock after selling 380 shares during the period. Covestor Ltd’s holdings in Innovative Industrial Properties were worth $276,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Focused Wealth Management Inc boosted its stake in shares of Innovative Industrial Properties by 2.4% during the 2nd quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock worth $432,000 after acquiring an additional 93 shares during the last quarter. Bristlecone Advisors LLC lifted its position in Innovative Industrial Properties by 0.8% during the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock valued at $1,696,000 after purchasing an additional 103 shares in the last quarter. Cape Investment Advisory Inc. grew its holdings in Innovative Industrial Properties by 11.6% during the first quarter. Cape Investment Advisory Inc. now owns 1,098 shares of the company’s stock valued at $114,000 after purchasing an additional 114 shares during the period. Baader Bank Aktiengesellschaft increased its position in Innovative Industrial Properties by 2.1% in the second quarter. Baader Bank Aktiengesellschaft now owns 5,616 shares of the company’s stock worth $611,000 after buying an additional 116 shares in the last quarter. Finally, Hancock Whitney Corp raised its stake in shares of Innovative Industrial Properties by 2.4% in the first quarter. Hancock Whitney Corp now owns 5,227 shares of the company’s stock worth $541,000 after buying an additional 124 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $106.37 on Friday. The firm has a market cap of $3.01 billion, a price-to-earnings ratio of 18.93 and a beta of 1.37. The firm has a fifty day moving average price of $129.74 and a 200 day moving average price of $118.49. Innovative Industrial Properties, Inc. has a fifty-two week low of $73.04 and a fifty-two week high of $138.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 7.14%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Analyst Upgrades and Downgrades

A number of brokerages recently issued reports on IIPR. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Friday. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Roth Mkm upped their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, Piper Sandler decreased their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a report on Friday. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $127.67.

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.