Sei Investments Co. Has $270,000 Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Sei Investments Co. reduced its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 85.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,053 shares of the company's stock after selling 24,635 shares during the period. Sei Investments Co.'s holdings in Innovative Industrial Properties were worth $270,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. JPMorgan Chase & Co. lifted its holdings in Innovative Industrial Properties by 17.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company's stock worth $31,928,000 after purchasing an additional 35,269 shares during the last quarter. Barclays PLC increased its holdings in Innovative Industrial Properties by 187.5% in the 3rd quarter. Barclays PLC now owns 47,988 shares of the company's stock valued at $6,459,000 after buying an additional 31,295 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Innovative Industrial Properties by 31.9% during the 3rd quarter. Geode Capital Management LLC now owns 52,872 shares of the company's stock worth $7,133,000 after acquiring an additional 12,791 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Innovative Industrial Properties by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock valued at $30,958,000 after acquiring an additional 7,179 shares during the period. Finally, TCW Group Inc. bought a new position in Innovative Industrial Properties during the third quarter worth about $2,572,000. Institutional investors and hedge funds own 70.58% of the company's stock.

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Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR traded up $0.28 during trading on Wednesday, reaching $50.76. 19,678 shares of the company traded hands, compared to its average volume of 268,687. The firm has a market capitalization of $1.44 billion, a PE ratio of 9.14 and a beta of 1.59. Innovative Industrial Properties, Inc. has a 52 week low of $45.44 and a 52 week high of $138.35. 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 company's 50 day moving average is $65.08 and its two-hundred day moving average is $87.60.

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

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 14.97%. The ex-dividend date was Monday, March 31st. Innovative Industrial Properties's dividend payout ratio is presently 137.43%.

Insiders Place Their Bets

In related news, Director David Stecher sold 7,599 shares of the business's stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 1.50% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the company. BTIG Research cut Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a report on Monday, December 23rd. Roth Mkm dropped their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a report on Friday, February 21st. Compass Point reissued a "sell" rating and issued a $50.00 target price (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Industrial Alliance Securities reiterated a "neutral" rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Finally, Piper Sandler reduced their price objective on Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating on the stock in a report on Tuesday. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Innovative Industrial Properties currently has an average rating of "Hold" and an average price target of $83.00.

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.