Oppenheimer & Co. Inc. Decreases Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Oppenheimer & Co. Inc. reduced its position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 38.0% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 46,925 shares of the company's stock after selling 28,771 shares during the quarter. Oppenheimer & Co. Inc. owned about 0.17% of Innovative Industrial Properties worth $6,316,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Focused Wealth Management Inc boosted its stake in shares of Innovative Industrial Properties by 2.4% in the 2nd quarter. Focused Wealth Management Inc now owns 3,953 shares of the company's stock valued at $432,000 after purchasing an additional 93 shares in the last quarter. Bristlecone Advisors LLC lifted its stake in shares of Innovative Industrial Properties by 0.8% in the 3rd quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company's stock valued at $1,696,000 after acquiring an additional 103 shares during the last quarter. Cape Investment Advisory Inc. boosted its holdings in Innovative Industrial Properties by 11.6% during the 1st quarter. Cape Investment Advisory Inc. now owns 1,098 shares of the company's stock valued at $114,000 after acquiring an additional 114 shares during the period. Baader Bank Aktiengesellschaft grew its position in Innovative Industrial Properties by 2.1% during the 2nd quarter. Baader Bank Aktiengesellschaft now owns 5,616 shares of the company's stock worth $611,000 after acquiring an additional 116 shares during the last quarter. Finally, Hancock Whitney Corp increased its stake in Innovative Industrial Properties by 2.4% in the 1st quarter. Hancock Whitney Corp now owns 5,227 shares of the company's stock worth $541,000 after purchasing an additional 124 shares during the period. Institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Trading Down 0.6 %

Shares of IIPR traded down $0.62 during trading hours on Friday, reaching $102.85. 94,594 shares of the company traded hands, compared to its average volume of 202,574. Innovative Industrial Properties, Inc. has a 12 month low of $77.88 and a 12 month high of $138.35. The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of 18.43 and a beta of 1.37. The company's fifty day moving average price is $128.67 and its two-hundred day moving average price is $118.63. 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 (NYSE:IIPR - Get Free Report) last posted its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts' consensus estimates 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 firm had revenue of $76.53 million for the quarter, compared to analysts' expectations of $77.30 million. During the same quarter last year, the company posted $2.29 EPS. The firm's revenue was down 1.7% on a year-over-year basis. Equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.39%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties's dividend payout ratio is presently 135.23%.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on IIPR. Roth Capital raised Innovative Industrial Properties to a "strong-buy" rating in a research note on Monday. Roth Mkm boosted their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a "buy" rating in a research report on Monday, July 22nd. Compass Point raised shares of Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 price objective for the company in a research note on Friday, November 8th. Piper Sandler cut their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating on the stock in a research note on Friday, November 8th. Finally, Wolfe Research raised Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Two equities research analysts have rated the stock with a hold rating, two have 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 "Moderate Buy" and an average target price of $127.67.

Innovative Industrial Properties 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.