Legal & General Group Plc Sells 16,507 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Legal & General Group Plc lowered its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 7.9% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 193,315 shares of the company's stock after selling 16,507 shares during the quarter. Legal & General Group Plc owned 0.68% of Innovative Industrial Properties worth $12,883,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Bogart Wealth LLC purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at about $27,000. Compass Financial Services Inc purchased a new position in shares of Innovative Industrial Properties in the 4th quarter worth approximately $32,000. Smartleaf Asset Management LLC grew its holdings in shares of Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock valued at $43,000 after acquiring an additional 417 shares in the last quarter. Headlands Technologies LLC purchased a new position in Innovative Industrial Properties in the fourth quarter worth $50,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at $57,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

IIPR has been the subject of several research reports. Roth Mkm reduced their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a research report on Friday, February 21st. Alliance Global Partners cut shares of Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a report on Monday, December 23rd. Industrial Alliance Securities reissued a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Compass Point reaffirmed a "sell" rating and set a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Finally, Piper Sandler lowered their price objective on Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating on the stock in a research note on Tuesday. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat, Innovative Industrial Properties has an average rating of "Hold" and an average price target of $83.00.

Innovative Industrial Properties Trading Up 1.1 %

Shares of Innovative Industrial Properties stock traded up $0.54 on Friday, hitting $51.50. The stock had a trading volume of 194,685 shares, compared to its average volume of 270,653. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The stock's 50-day simple moving average is $64.18 and its two-hundred day simple moving average is $86.78. The stock has a market cap of $1.46 billion, a price-to-earnings ratio of 9.31 and a beta of 1.59. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35.

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

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $1.90 per share. The ex-dividend date was Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 14.76%. Innovative Industrial Properties's payout ratio is 137.43%.

Insiders Place Their Bets

In other news, Director David Stecher sold 7,599 shares of the company's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the sale, the director now directly owns 1,346 shares of the company's stock, valued at $94,960.30. This represents a 84.95 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.50% of the company's stock.

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.