Russell Investments Group Ltd. Sells 5,023 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Russell Investments Group Ltd. trimmed its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 34.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 9,434 shares of the company's stock after selling 5,023 shares during the period. Russell Investments Group Ltd.'s holdings in Innovative Industrial Properties were worth $629,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Pacer Advisors Inc. bought a new position in shares of Innovative Industrial Properties during the 4th quarter worth $42,006,000. Norges Bank purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth about $22,635,000. Cambiar Investors LLC raised its position in shares of Innovative Industrial Properties by 370.0% in the fourth quarter. Cambiar Investors LLC now owns 108,284 shares of the company's stock valued at $7,216,000 after purchasing an additional 85,244 shares during the period. Bank of New York Mellon Corp raised its position in shares of Innovative Industrial Properties by 25.8% in the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company's stock valued at $25,233,000 after purchasing an additional 77,552 shares during the period. Finally, Empirical Asset Management LLC bought a new position in Innovative Industrial Properties in the 4th quarter worth approximately $4,794,000. 70.58% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the business's stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now owns 1,346 shares in the company, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 1.50% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Roth Mkm lowered their target price on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating on the stock in a report on Friday, February 21st. Piper Sandler dropped 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, April 15th. Industrial Alliance Securities reaffirmed a "neutral" rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Finally, Compass Point reissued a "sell" rating and issued a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has an average rating of "Hold" and an average target price of $83.00.

Innovative Industrial Properties Trading Up 2.2 %

Shares of IIPR opened at $52.34 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53. Innovative Industrial Properties, Inc. has a 1-year low of $45.44 and a 1-year high of $138.35. The company has a market capitalization of $1.48 billion, a P/E ratio of 9.47 and a beta of 1.59. The firm's 50 day simple moving average is $62.82 and its 200 day simple moving average is $84.79.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The firm had revenue of $76.74 million for the quarter, compared to analysts' expectations of $76.21 million. Sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st were paid a dividend of $1.90 per share. The ex-dividend date was Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.52%. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 137.43%.

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.

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