American Assets Capital Advisers LLC Cuts Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

American Assets Capital Advisers LLC lessened its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 43.3% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 63,351 shares of the company's stock after selling 48,447 shares during the period. Innovative Industrial Properties accounts for approximately 2.6% of American Assets Capital Advisers LLC's holdings, making the stock its 13th biggest position. American Assets Capital Advisers LLC owned about 0.22% of Innovative Industrial Properties worth $8,527,000 at the end of the most recent quarter.

A number of other institutional investors have also bought and sold shares of IIPR. USA Financial Formulas bought a new position in shares of Innovative Industrial Properties during the 3rd quarter valued at about $25,000. Blue Trust Inc. lifted its holdings in shares of Innovative Industrial Properties by 2,085.7% in the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company's stock valued at $48,000 after acquiring an additional 438 shares during the last quarter. Signaturefd LLC lifted its holdings in shares of Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company's stock valued at $55,000 after acquiring an additional 150 shares during the last quarter. Federated Hermes Inc. lifted its holdings in shares of Innovative Industrial Properties by 138.1% in the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company's stock valued at $59,000 after acquiring an additional 312 shares during the last quarter. Finally, US Bancorp DE lifted its holdings in shares of Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company's stock valued at $59,000 after acquiring an additional 189 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company's stock.

Analyst Upgrades and Downgrades

A number of brokerages recently commented on IIPR. Piper Sandler lowered their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating for the company in a report on Friday. Roth Mkm increased their price target on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a "buy" rating in a report on Monday, July 22nd. Wolfe Research raised shares of Innovative Industrial Properties to a "hold" rating in a report on Monday, September 23rd. Roth Capital raised shares of Innovative Industrial Properties to a "strong-buy" rating in a report on Monday. Finally, Compass Point raised shares of Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 price objective on the stock in a research report on Friday. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $127.67.

Innovative Industrial Properties Trading Down 3.5 %

Innovative Industrial Properties stock traded down $3.78 during midday trading on Tuesday, reaching $103.96. The stock had a trading volume of 467,511 shares, compared to its average volume of 201,735. The company has a quick ratio of 18.06, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 52-week low of $73.04 and a 52-week high of $138.35. The firm has a market cap of $2.95 billion, a price-to-earnings ratio of 18.50 and a beta of 1.37. The company has a fifty day moving average of $129.04 and a 200 day moving average of $118.74.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing analysts' consensus estimates of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to analysts' expectations of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business's revenue was down 1.7% compared to the same quarter last year. During the same period last year, the business posted $2.29 earnings per share. On average, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.31%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 135.23%.

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.