Edgestream Partners L.P. cut its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 80.7% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 5,200 shares of the company's stock after selling 21,688 shares during the quarter. Edgestream Partners L.P.'s holdings in Innovative Industrial Properties were worth $700,000 at the end of the most recent quarter.
A number of other large investors have also made changes to their positions in the stock. USA Financial Formulas purchased a new stake in Innovative Industrial Properties during the third quarter worth $25,000. Blue Trust Inc. boosted its position 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 worth $48,000 after buying an additional 438 shares in the last quarter. Signaturefd LLC grew its stake in 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. Canton Hathaway LLC purchased a new position in Innovative Industrial Properties during the 3rd quarter valued at about $55,000. Finally, Loomis Sayles & Co. L P raised its position in Innovative Industrial Properties by 3,130.8% during the third quarter. Loomis Sayles & Co. L P now owns 420 shares of the company's stock worth $57,000 after acquiring an additional 407 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 research analysts have recently weighed in on IIPR shares. Wolfe Research raised shares of Innovative Industrial Properties to a "hold" rating in a research note on Monday, September 23rd. Piper Sandler dropped their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating for the company in a research report on Friday, November 8th. Compass Point upgraded 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, November 8th. Finally, Roth Capital upgraded Innovative Industrial Properties to a "strong-buy" rating in a research report on Monday, November 11th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Innovative Industrial Properties currently has a consensus rating of "Moderate Buy" and a consensus price target of $127.67.
Check Out Our Latest Analysis on Innovative Industrial Properties
Innovative Industrial Properties Trading Down 0.9 %
NYSE IIPR traded down $0.97 during trading hours on Friday, hitting $106.48. 71,572 shares of the company's stock were exchanged, compared to its average volume of 202,885. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The firm has a market capitalization of $3.02 billion, a P/E ratio of 19.13 and a beta of 1.30. The business's 50 day moving average is $121.29 and its 200-day moving average is $118.51. Innovative Industrial Properties, Inc. has a 12-month low of $84.61 and a 12-month high of $138.35.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its earnings results 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 company had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same period 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. As a group, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.
Innovative Industrial Properties Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.14%. Innovative Industrial Properties's payout ratio is 135.23%.
Innovative Industrial Properties Company Profile
(
Free Report)
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.
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