Gerber Kawasaki Wealth & Investment Management Lowers Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Gerber Kawasaki Wealth & Investment Management decreased its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 47.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,265 shares of the company’s stock after selling 3,782 shares during the quarter. Gerber Kawasaki Wealth & Investment Management’s holdings in Innovative Industrial Properties were worth $284,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in IIPR. Bogart Wealth LLC purchased a new position in Innovative Industrial Properties during the fourth quarter valued at $27,000. Compass Financial Services Inc purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth $32,000. Smartleaf Asset Management LLC raised its stake in shares of Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after purchasing an additional 417 shares during the last quarter. Headlands Technologies LLC purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth $50,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new position in shares of Innovative Industrial Properties in the fourth quarter worth $57,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Insider Activity

In other news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction that occurred 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 sale, the director now owns 1,346 shares in the company, valued at $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Company insiders own 1.50% of the company’s stock.

Analyst Ratings Changes

Several research analysts have recently weighed in on IIPR shares. Roth Mkm decreased their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. Wolfe Research started coverage on Innovative Industrial Properties in a research note on Wednesday, April 23rd. They issued an “outperform” rating and a $57.00 price target for the company. Piper Sandler cut their price objective on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a report on Tuesday, April 15th. Compass Point reaffirmed a “sell” rating and issued a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Finally, Industrial Alliance Securities reaffirmed a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $78.67.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $53.71 on Monday. Innovative Industrial Properties, Inc. has a 12 month low of $45.44 and a 12 month high of $138.35. The stock has a market cap of $1.52 billion, a price-to-earnings ratio of 9.71 and a beta of 1.59. The company’s 50 day moving average is $61.59 and its two-hundred day moving average is $82.87. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting analysts’ consensus estimates of $2.22. The company had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. As a group, research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current 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 given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 14.15%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties’s payout ratio is currently 137.43%.

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.