Vestcor Inc Sells 20,254 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Vestcor Inc lessened its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 79.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 5,189 shares of the company's stock after selling 20,254 shares during the quarter. Vestcor Inc's holdings in Innovative Industrial Properties were worth $346,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also modified their holdings of the company. Bogart Wealth LLC acquired a new position in Innovative Industrial Properties in the fourth quarter worth about $27,000. Compass Financial Services Inc acquired a new position in shares of Innovative Industrial Properties in the 4th quarter worth approximately $32,000. Smartleaf Asset Management LLC lifted its position in shares of Innovative Industrial Properties by 182.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company's stock worth $43,000 after buying an additional 417 shares during the period. Canton Hathaway LLC acquired a new stake in Innovative Industrial Properties in the 3rd quarter valued at $55,000. Finally, Loomis Sayles & Co. L P raised its stake 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 in the last quarter. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Trading Up 0.1 %

Shares of Innovative Industrial Properties stock traded up $0.06 on Friday, hitting $63.44. 1,322,556 shares of the company's stock traded hands, compared to its average volume of 245,099. Innovative Industrial Properties, Inc. has a one year low of $61.85 and a one year high of $138.35. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. The stock has a market capitalization of $1.80 billion, a PE ratio of 11.47 and a beta of 1.49. The firm's 50-day moving average price is $70.41 and its two-hundred day moving average price is $97.87.

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Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.22. The company had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. On average, research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 11.98%. Innovative Industrial Properties's dividend payout ratio is presently 137.43%.

Insider Buying and Selling

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

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Piper Sandler lowered their target price on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an "underweight" rating on the stock in a report on Monday. Compass Point dropped their price objective on shares of Innovative Industrial Properties from $78.00 to $60.00 and set a "neutral" rating for the company in a report on Tuesday. Industrial Alliance Securities set a $60.00 target price on Innovative Industrial Properties in a report on Tuesday. BTIG Research downgraded Innovative Industrial Properties from a "buy" rating to a "neutral" rating in a research report on Monday, December 23rd. Finally, Alliance Global Partners lowered Innovative Industrial Properties from a "strong-buy" rating to a "hold" rating in a research note on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $88.00.

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.