Segall Bryant & Hamill LLC decreased its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 9.9% in the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 49,649 shares of the company's stock after selling 5,465 shares during the period. Segall Bryant & Hamill LLC owned approximately 0.18% of Innovative Industrial Properties worth $6,683,000 at the end of the most recent quarter.
Several other hedge funds have also made changes to their positions in IIPR. USA Financial Formulas acquired a new stake in Innovative Industrial Properties in the third quarter valued at about $25,000. Blue Trust Inc. lifted its position in Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company's stock valued at $48,000 after purchasing an additional 438 shares during the period. Signaturefd LLC lifted its position in Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company's stock valued at $55,000 after purchasing an additional 150 shares during the period. Federated Hermes Inc. lifted its position in Innovative Industrial Properties by 138.1% in the second quarter. Federated Hermes Inc. now owns 538 shares of the company's stock valued at $59,000 after purchasing an additional 312 shares during the period. Finally, US Bancorp DE lifted its position in 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. Institutional investors and hedge funds own 70.58% of the company's stock.
Wall Street Analyst Weigh In
A number of equities research analysts recently commented on IIPR shares. Wolfe Research upgraded shares of Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Roth Capital upgraded shares of Innovative Industrial Properties to a "strong-buy" rating in a research report on Monday, November 11th. Compass Point upgraded shares of Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 price target for the company in a research report on Friday, November 8th. Finally, Piper Sandler reduced their price target on shares of 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. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties has an average rating of "Moderate Buy" and an average target price of $127.67.
Get Our Latest Stock Report on IIPR
Innovative Industrial Properties Price Performance
Shares of Innovative Industrial Properties stock traded up $1.42 during trading on Friday, hitting $107.19. 161,357 shares of the company were exchanged, compared to its average volume of 203,282. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a fifty-two week low of $78.10 and a fifty-two week high of $138.35. The stock has a market capitalization of $3.04 billion, a price-to-earnings ratio of 19.02 and a beta of 1.37. The firm has a 50 day moving average price of $126.37 and a 200 day moving average price of $118.52.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings data 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 for the quarter, compared to analyst estimates of $77.30 million. During the same quarter in the prior year, the firm earned $2.29 earnings per share. The company's revenue for the quarter was down 1.7% on a year-over-year basis. On average, equities analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.
Innovative Industrial Properties Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were paid a $1.90 dividend. The ex-dividend date of this dividend was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 7.09%. Innovative Industrial Properties's payout ratio is currently 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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