NBW Capital LLC trimmed its holdings in shares of Innovative Industrial Properties Inc (NYSE:IIPR) by 6.1% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 20,640 shares of the company’s stock after selling 1,346 shares during the quarter. NBW Capital LLC owned approximately 0.18% of Innovative Industrial Properties worth $1,907,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of the stock. ETF Managers Group LLC acquired a new stake in Innovative Industrial Properties in the second quarter valued at approximately $32,784,000. Vanguard Group Inc. lifted its stake in shares of Innovative Industrial Properties by 15.9% during the second quarter. Vanguard Group Inc. now owns 1,172,681 shares of the company’s stock worth $144,896,000 after buying an additional 160,642 shares during the period. River & Mercantile Asset Management LLP acquired a new stake in shares of Innovative Industrial Properties during the second quarter worth $17,235,000. American Assets Capital Advisers LLC acquired a new stake in shares of Innovative Industrial Properties during the third quarter worth $7,764,000. Finally, Sheaff Brock Investment Advisors LLC acquired a new stake in shares of Innovative Industrial Properties during the second quarter worth $7,086,000. 56.17% of the stock is currently owned by institutional investors.
Several equities research analysts have recently commented on IIPR shares. ValuEngine downgraded shares of Innovative Industrial Properties from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Zacks Investment Research upgraded shares of Innovative Industrial Properties from a “hold” rating to a “strong-buy” rating and set a $79.00 price objective for the company in a research note on Thursday, October 31st. Finally, TheStreet downgraded shares of Innovative Industrial Properties from a “b-” rating to a “c” rating in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $113.50.
In other Innovative Industrial Properties news, Chairman Alan D. Gold purchased 300 shares of the stock in a transaction that occurred on Wednesday, September 4th. The shares were purchased at an average cost of $84.23 per share, for a total transaction of $25,269.00. Following the completion of the transaction, the chairman now owns 318,089 shares of the company’s stock, valued at approximately $26,792,636.47. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 5.20% of the company’s stock.
Shares of NYSE:IIPR traded up $8.35 on Thursday, hitting $80.95. 37,180 shares of the company were exchanged, compared to its average volume of 448,929. Innovative Industrial Properties Inc has a 1-year low of $41.60 and a 1-year high of $139.53. The stock’s 50 day moving average price is $82.41 and its 200 day moving average price is $96.46. The company has a current ratio of 51.96, a quick ratio of 51.96 and a debt-to-equity ratio of 0.53. The firm has a market capitalization of $887.50 million, a P/E ratio of 60.45 and a beta of 2.05.
Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, August 7th. The company reported $0.30 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.48 by ($0.18). The company had revenue of $8.62 billion for the quarter, compared to analyst estimates of $8.37 million. Innovative Industrial Properties had a return on equity of 5.17% and a net margin of 47.83%. The company’s quarterly revenue was up 160.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.31 earnings per share. On average, equities analysts predict that Innovative Industrial Properties Inc will post 2.67 EPS for the current fiscal year.
The firm also recently declared a 0.60000 dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a dividend of $0.78 per share. The ex-dividend date was Friday, September 27th. This represents a yield of 3.4%. Innovative Industrial Properties’s payout ratio is presently 232.84%.
About Innovative Industrial Properties
Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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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