Convergence Investment Partners LLC Decreases Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Convergence Investment Partners LLC decreased its position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 41.8% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 11,646 shares of the company's stock after selling 8,374 shares during the period. Convergence Investment Partners LLC's holdings in Innovative Industrial Properties were worth $776,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of IIPR. Bogart Wealth LLC purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $27,000. Compass Financial Services Inc purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $32,000. Canton Hathaway LLC purchased a new stake in shares of Innovative Industrial Properties in the third quarter valued at approximately $55,000. Loomis Sayles & Co. L P boosted its holdings 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. Finally, US Bancorp DE boosted its holdings 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 valued at $59,000 after purchasing an additional 189 shares during the period. Hedge funds and other institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Stock Performance

IIPR traded up $0.20 during midday trading on Friday, hitting $73.07. 229,244 shares of the company were exchanged, compared to its average volume of 277,716. The company's 50 day simple moving average is $72.81 and its 200 day simple moving average is $104.66. The firm has a market capitalization of $2.07 billion, a price-to-earnings ratio of 13.21 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 1-year low of $62.45 and a 1-year 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, hitting the consensus estimate of $2.22. The company had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. Innovative Industrial Properties had a return on equity of 8.37% and a net margin of 52.40%. As a group, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.40%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 137.43%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on IIPR. Piper Sandler lowered Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and lowered their target price for the stock from $118.00 to $70.00 in a report on Friday, December 20th. Alliance Global Partners lowered Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a report on Monday, December 23rd. Roth Mkm cut their target price on Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a research report on Friday. JMP Securities reissued a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Finally, Compass Point downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating and cut their target price for the company from $125.00 to $78.00 in a research report on Friday, December 20th. 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 given a strong buy rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $102.00.

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.