Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC trimmed its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 21.8% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 37,851 shares of the company's stock after selling 10,556 shares during the period. Wedge Capital Management L L P NC owned approximately 0.13% of Innovative Industrial Properties worth $5,095,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. LSV Asset Management increased its position in shares of Innovative Industrial Properties by 124.4% during the first quarter. LSV Asset Management now owns 101,373 shares of the company's stock worth $10,496,000 after acquiring an additional 56,200 shares during the period. Prevail Innovative Wealth Advisors LLC purchased a new position in Innovative Industrial Properties in the first quarter valued at $2,046,000. SG Americas Securities LLC increased its holdings in Innovative Industrial Properties by 75.7% in the first quarter. SG Americas Securities LLC now owns 19,573 shares of the company's stock valued at $2,027,000 after buying an additional 8,436 shares during the last quarter. Texas Permanent School Fund Corp increased its holdings in Innovative Industrial Properties by 1.4% in the first quarter. Texas Permanent School Fund Corp now owns 24,540 shares of the company's stock valued at $2,541,000 after buying an additional 328 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in Innovative Industrial Properties by 18.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,159 shares of the company's stock valued at $21,242,000 after buying an additional 31,313 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR traded up $1.55 during mid-day trading on Tuesday, hitting $133.73. 215,369 shares of the company's stock were exchanged, compared to its average volume of 197,636. Innovative Industrial Properties, Inc. has a fifty-two week low of $69.08 and a fifty-two week high of $138.35. The firm has a market capitalization of $3.79 billion, a P/E ratio of 23.47 and a beta of 1.35. The business's 50 day moving average is $126.10 and its two-hundred day moving average is $114.54. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The business had revenue of $79.79 million for the quarter, compared to analyst estimates of $77.18 million. During the same quarter last year, the company posted $2.26 EPS. Innovative Industrial Properties's quarterly revenue was up 4.4% on a year-over-year basis. On average, equities analysts expect that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Investors of record on Monday, September 30th will be given a $1.90 dividend. The ex-dividend date of this dividend is Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 5.68%. Innovative Industrial Properties's payout ratio is currently 133.33%.

Analyst Ratings Changes

Several research firms recently commented on IIPR. Roth Mkm increased their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a "buy" rating in a report on Monday, July 22nd. Piper Sandler increased their target price on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a "neutral" rating in a report on Friday, August 9th. Finally, Wolfe Research raised Innovative Industrial Properties to a "hold" rating in a report on Monday, September 23rd.

Innovative Industrial Properties Company Profile

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.