Victory Capital Management Inc. Cuts Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Victory Capital Management Inc. lowered its position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 14.3% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 31,542 shares of the company's stock after selling 5,242 shares during the period. Victory Capital Management Inc. owned approximately 0.11% of Innovative Industrial Properties worth $2,102,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also modified their holdings of the business. JPMorgan Chase & Co. lifted its holdings in Innovative Industrial Properties by 17.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company's stock valued at $31,928,000 after buying an additional 35,269 shares in the last quarter. Barclays PLC raised its stake in shares of Innovative Industrial Properties by 187.5% during the third quarter. Barclays PLC now owns 47,988 shares of the company's stock valued at $6,459,000 after acquiring an additional 31,295 shares in the last quarter. Geode Capital Management LLC boosted its holdings in shares of Innovative Industrial Properties by 31.9% in the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company's stock valued at $7,133,000 after purchasing an additional 12,791 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in Innovative Industrial Properties by 1.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company's stock worth $30,958,000 after purchasing an additional 7,179 shares during the period. Finally, TCW Group Inc. bought a new stake in Innovative Industrial Properties during the 3rd quarter valued at $2,572,000. Hedge funds and other institutional investors own 70.58% of the company's stock.

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Insider Transactions at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the business's stock in a transaction 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 in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.50% of the company's stock.

Innovative Industrial Properties Stock Up 0.1 %

Shares of NYSE IIPR traded up $0.06 during trading hours on Friday, hitting $63.44. 413,420 shares of the stock were exchanged, compared to its average volume of 245,099. Innovative Industrial Properties, Inc. has a 12 month low of $61.85 and a 12 month high of $138.35. The firm has a fifty day moving average price of $70.41 and a 200-day moving average price of $97.87. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The company has a market cap of $1.80 billion, a PE ratio of 11.47 and a beta of 1.49.

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

Innovative Industrial Properties Announces Dividend

The business 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. This represents a $7.60 annualized dividend and a dividend yield of 11.98%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties's payout ratio is currently 137.43%.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on IIPR. JMP Securities reissued a "market perform" rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Industrial Alliance Securities set a $60.00 target price on shares of Innovative Industrial Properties in a research report on Tuesday. Roth Mkm reduced their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a "buy" rating for the company in a report on Friday, February 21st. Compass Point dropped their price objective on shares of Innovative Industrial Properties from $78.00 to $60.00 and set a "neutral" rating on the stock in a research note on Tuesday. Finally, Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an "underweight" rating for the company in a research note on Monday. One investment analyst has 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. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price 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.