Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Segall Bryant & Hamill LLC

Segall Bryant & Hamill LLC lessened its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 9.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 49,649 shares of the company’s stock after selling 5,465 shares during the period. Segall Bryant & Hamill LLC owned about 0.18% of Innovative Industrial Properties worth $6,683,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Tidal Investments LLC raised its stake in Innovative Industrial Properties by 1,465.1% during the first quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock valued at $24,532,000 after buying an additional 221,791 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock worth $35,862,000 after purchasing an additional 45,779 shares during the last quarter. Jupiter Asset Management Ltd. boosted its holdings in Innovative Industrial Properties by 279.1% in the second quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock worth $5,171,000 after purchasing an additional 34,854 shares during the period. Vanguard Group Inc. increased its stake in Innovative Industrial Properties by 0.6% during the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock valued at $456,705,000 after purchasing an additional 28,111 shares during the last quarter. Finally, Thrivent Financial for Lutherans lifted its position in shares of Innovative Industrial Properties by 97.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 48,034 shares of the company’s stock worth $5,246,000 after buying an additional 23,709 shares during the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. 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, November 8th. Finally, Piper Sandler cut their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research note on Friday, November 8th. Two equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $127.67.

Innovative Industrial Properties Stock Up 0.4 %

NYSE:IIPR opened at $105.77 on Friday. Innovative Industrial Properties, Inc. has a 1-year low of $78.10 and a 1-year high of $138.35. The firm has a market capitalization of $3.00 billion, a price-to-earnings ratio of 18.82 and a beta of 1.37. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The business’s fifty day moving average price is $126.79 and its 200 day moving average price is $118.61.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. During the same quarter in the prior year, the business posted $2.29 earnings per share. Innovative Industrial Properties’s revenue was down 1.7% on a year-over-year basis. On average, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared 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 dividend on an annualized basis and a yield of 7.19%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 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.