California Public Employees Retirement System Has $3.44 Million Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

California Public Employees Retirement System trimmed its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 11.2% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,613 shares of the company's stock after selling 6,484 shares during the period. California Public Employees Retirement System owned about 0.18% of Innovative Industrial Properties worth $3,439,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in IIPR. Bogart Wealth LLC acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at $27,000. Compass Financial Services Inc acquired a new position in Innovative Industrial Properties in the fourth quarter worth about $32,000. Smartleaf Asset Management LLC lifted its stake in Innovative Industrial Properties by 182.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock worth $43,000 after purchasing an additional 417 shares during the period. Sierra Ocean LLC acquired a new stake in Innovative Industrial Properties during the fourth quarter valued at approximately $77,000. Finally, Principal Securities Inc. grew its stake in shares of Innovative Industrial Properties by 31.1% in the 4th quarter. Principal Securities Inc. now owns 1,192 shares of the company's stock valued at $79,000 after purchasing an additional 283 shares during the period. Institutional investors own 70.58% of the company's stock.

Analyst Upgrades and Downgrades

IIPR has been the topic of several recent analyst reports. Industrial Alliance Securities restated a "neutral" rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. BTIG Research cut shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research note on Monday, December 23rd. Piper Sandler dropped their price target on Innovative Industrial Properties from $60.00 to $55.00 and set an "underweight" rating for the company in a report on Monday, March 31st. Compass Point reissued a "sell" rating and issued a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. Finally, Alliance Global Partners lowered Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 23rd. Two research analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $85.00.

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Insiders Place Their Bets

In related news, Director David Stecher sold 7,599 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the transaction, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 1.50% of the company's stock.

Innovative Industrial Properties Trading Up 2.2 %

Shares of NYSE:IIPR traded up $1.07 during midday trading on Monday, hitting $50.43. The company had a trading volume of 17,917 shares, compared to its average volume of 268,412. The firm has a fifty day simple moving average of $65.99 and a 200 day simple moving average of $88.46. The stock has a market cap of $1.43 billion, a price-to-earnings ratio of 9.10 and a beta of 1.59. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a 12 month low of $45.44 and a 12 month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting analysts' consensus estimates of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. On average, analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a yield of 15.07%. Innovative Industrial Properties's payout ratio is 137.43%.

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.