PFG Investments LLC Cuts Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

PFG Investments LLC lessened its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 33.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,160 shares of the company's stock after selling 6,095 shares during the quarter. PFG Investments LLC's holdings in Innovative Industrial Properties were worth $810,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. USA Financial Formulas purchased a new position in shares of Innovative Industrial Properties during the 3rd quarter valued at approximately $25,000. Canton Hathaway LLC acquired a new position in shares of Innovative Industrial Properties during the 3rd quarter worth about $55,000. Loomis Sayles & Co. L P grew its stake in Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company's stock worth $57,000 after buying an additional 407 shares during the last quarter. US Bancorp DE raised its stake in shares of Innovative Industrial Properties by 75.3% during the third quarter. US Bancorp DE now owns 440 shares of the company's stock worth $59,000 after purchasing an additional 189 shares during the last quarter. Finally, GAMMA Investing LLC grew its holdings in Innovative Industrial Properties by 46.3% during the third quarter. GAMMA Investing LLC now owns 632 shares of the company's stock worth $85,000 after acquiring an additional 200 shares during the period. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on IIPR. BTIG Research downgraded shares of Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a report on Monday, December 23rd. Compass Point downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating and reduced their price objective for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. Roth Capital upgraded shares of Innovative Industrial Properties to a "strong-buy" rating in a research note on Monday, November 11th. Piper Sandler downgraded shares of Innovative Industrial Properties from a "neutral" rating to an "underweight" rating and dropped their target price for the stock from $118.00 to $70.00 in a report on Friday, December 20th. Finally, JMP Securities restated a "market perform" rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Innovative Industrial Properties currently has an average rating of "Hold" and a consensus price target of $104.50.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR traded down $1.50 during trading on Wednesday, reaching $66.61. 115,817 shares of the company traded hands, compared to its average volume of 283,795. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $1.89 billion, a PE ratio of 11.89 and a beta of 1.39. The company's 50 day moving average is $84.56 and its two-hundred day moving average is $110.16. Innovative Industrial Properties, Inc. has a 52 week low of $62.45 and a 52 week 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). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. During the same quarter in the previous year, the firm posted $2.29 earnings per share. The company's revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 11.41%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties's dividend payout ratio (DPR) is 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.