State Street Corp Reduces Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

State Street Corp trimmed its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 0.6% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,630,059 shares of the company's stock after selling 10,610 shares during the period. State Street Corp owned about 5.75% of Innovative Industrial Properties worth $222,497,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of IIPR. Cetera Advisors LLC bought a new position in shares of Innovative Industrial Properties in the 1st quarter worth approximately $201,000. Dynamic Advisor Solutions LLC boosted its stake in Innovative Industrial Properties by 2.4% during the 2nd quarter. Dynamic Advisor Solutions LLC now owns 5,322 shares of the company's stock valued at $581,000 after purchasing an additional 126 shares during the last quarter. Blue Trust Inc. boosted its stake in Innovative Industrial Properties by 2,085.7% during the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company's stock valued at $48,000 after purchasing an additional 438 shares during the last quarter. Western Wealth Management LLC increased its holdings in shares of Innovative Industrial Properties by 15.1% in the 2nd quarter. Western Wealth Management LLC now owns 7,449 shares of the company's stock worth $814,000 after purchasing an additional 978 shares in the last quarter. Finally, Central Bank & Trust Co. purchased a new position in shares of Innovative Industrial Properties in the second quarter worth $107,000. Institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR traded down $0.11 during midday trading on Thursday, hitting $104.20. The company had a trading volume of 60,076 shares, compared to its average volume of 202,660. The company has a market cap of $2.95 billion, a price-to-earnings ratio of 18.56 and a beta of 1.31. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The company has a fifty day moving average of $119.08 and a two-hundred day moving average of $118.43. Innovative Industrial Properties, Inc. has a 12-month low of $87.52 and a 12-month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate 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 company had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. During the same period last year, the business earned $2.29 EPS. The firm's quarterly revenue was down 1.7% compared to the same quarter last year. On average, equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 7.29%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties's payout ratio is presently 135.23%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on IIPR shares. Roth Capital upgraded Innovative Industrial Properties to a "strong-buy" rating in a report on Monday, November 11th. Piper Sandler reduced their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating for the company in a research note on Friday, November 8th. Wolfe Research upgraded shares of Innovative Industrial Properties to a "hold" rating in a research report on Monday, September 23rd. Finally, Compass Point raised shares of Innovative Industrial Properties from a "neutral" rating to a "buy" rating and set a $125.00 target price for the company in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Innovative Industrial Properties currently has a consensus rating of "Moderate Buy" and an average target price of $127.67.

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.