Cornercap Investment Counsel Inc. Has $733,000 Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Cornercap Investment Counsel Inc. lowered its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 49.6% in the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 5,445 shares of the company's stock after selling 5,363 shares during the quarter. Cornercap Investment Counsel Inc.'s holdings in Innovative Industrial Properties were worth $733,000 as of its most recent filing with the SEC.

Other hedge funds have also recently added to or reduced their stakes in the company. Metis Global Partners LLC increased its holdings in shares of Innovative Industrial Properties by 29.6% in the 3rd quarter. Metis Global Partners LLC now owns 2,917 shares of the company's stock valued at $393,000 after purchasing an additional 667 shares in the last quarter. KBC Group NV increased its stake in Innovative Industrial Properties by 28.2% in the 3rd quarter. KBC Group NV now owns 940 shares of the company's stock valued at $127,000 after purchasing an additional 207 shares in the last quarter. Victory Capital Management Inc. raised its holdings in Innovative Industrial Properties by 23.4% during the third quarter. Victory Capital Management Inc. now owns 36,784 shares of the company's stock worth $4,951,000 after purchasing an additional 6,977 shares during the last quarter. Versor Investments LP grew its holdings in Innovative Industrial Properties by 98.3% in the third quarter. Versor Investments LP now owns 12,227 shares of the company's stock valued at $1,646,000 after purchasing an additional 6,062 shares during the last quarter. Finally, Crossmark Global Holdings Inc. increased its position in shares of Innovative Industrial Properties by 21.8% in the third quarter. Crossmark Global Holdings Inc. now owns 2,539 shares of the company's stock valued at $341,000 after buying an additional 454 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company's stock.

Analyst Upgrades and Downgrades

Several 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 report on Friday, November 8th. Piper Sandler reduced their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating on the stock in a research report on Friday, November 8th. Roth Capital raised shares of Innovative Industrial Properties to a "strong-buy" rating in a research report on Monday, November 11th. Wolfe Research upgraded Innovative Industrial Properties to a "hold" rating in a research note on Monday, September 23rd. Finally, Roth Mkm increased their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a "buy" rating in a research report on Monday, July 22nd. Two analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of "Moderate Buy" and an average target price of $127.67.

Innovative Industrial Properties Stock Down 1.2 %

IIPR stock traded down $1.24 during midday trading on Friday, hitting $102.23. 217,388 shares of the company's stock were exchanged, compared to its average volume of 203,127. 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 firm has a 50 day moving average price of $127.93 and a 200-day moving average price of $118.66. The stock has a market capitalization of $2.90 billion, a price-to-earnings ratio of 18.19 and a beta of 1.37. Innovative Industrial Properties, Inc. has a 12-month low of $77.88 and a 12-month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates of $2.13 by ($0.76). The business had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm's revenue for the quarter was down 1.7% on a year-over-year basis. During the same period last year, the company posted $2.29 earnings per share. On average, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 7.43%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties's payout ratio is currently 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.