Villanova Investment Management Co LLC cut its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 43.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 9,321 shares of the company's stock after selling 7,158 shares during the quarter. Villanova Investment Management Co LLC's holdings in Innovative Industrial Properties were worth $1,255,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds also recently bought and sold shares of the company. USA Financial Formulas purchased a new stake in shares of Innovative Industrial Properties in the 3rd quarter worth about $25,000. Blue Trust Inc. lifted its holdings in Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company's stock worth $48,000 after buying an additional 438 shares during the period. Signaturefd LLC lifted its holdings in Innovative Industrial Properties by 42.3% in the second quarter. Signaturefd LLC now owns 505 shares of the company's stock worth $55,000 after buying an additional 150 shares during the period. Canton Hathaway LLC bought a new stake in Innovative Industrial Properties during the 3rd quarter valued at approximately $55,000. Finally, Loomis Sayles & Co. L P grew its holdings in shares of Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company's stock worth $57,000 after acquiring an additional 407 shares during the period. Hedge funds and other institutional investors own 70.58% of the company's stock.
Innovative Industrial Properties Stock Down 0.7 %
Shares of NYSE:IIPR traded down $0.77 on Friday, hitting $106.68. 165,565 shares of the company traded hands, compared to its average volume of 290,934. The stock has a 50 day simple moving average of $120.71 and a 200-day simple moving average of $118.47. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The company has a market cap of $3.02 billion, a PE ratio of 18.98 and a beta of 1.30. Innovative Industrial Properties, Inc. has a 52 week low of $84.61 and a 52 week high of $138.35.
Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings data 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). The firm had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm's revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.29 earnings per share. As a group, research analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.
Innovative Industrial Properties Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $1.90 dividend. The ex-dividend date was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 7.12%. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 135.23%.
Analysts Set New Price Targets
A number of research firms have recently commented on IIPR. Roth Capital upgraded Innovative Industrial Properties to a "strong-buy" rating in a research note on Monday, November 11th. Piper Sandler dropped their target price on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a "neutral" rating on the stock in a report on Friday, November 8th. Wolfe Research upgraded shares of Innovative Industrial Properties to a "hold" rating in a research note 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 price objective on the stock in a research note on Friday, November 8th. Two investment analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $127.67.
Check Out Our Latest Report on IIPR
About Innovative Industrial Properties
(
Free Report)
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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