Intech Investment Management LLC Reduces Position in Innovative Industrial Properties, Inc. $IIPR

Intech Investment Management LLC decreased its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 41.1% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 16,627 shares of the company’s stock after selling 11,610 shares during the quarter. Intech Investment Management LLC’s holdings in Innovative Industrial Properties were worth $787,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. International Assets Investment Management LLC purchased a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at $25,000. FNY Investment Advisers LLC purchased a new stake in shares of Innovative Industrial Properties in the third quarter valued at $32,000. Advisory Services Network LLC purchased a new stake in shares of Innovative Industrial Properties in the third quarter valued at $34,000. Huntington National Bank grew its position in shares of Innovative Industrial Properties by 110.6% in the third quarter. Huntington National Bank now owns 697 shares of the company’s stock valued at $37,000 after purchasing an additional 366 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Innovative Industrial Properties by 33.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 819 shares of the company’s stock valued at $39,000 after purchasing an additional 205 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Analysts Set New Price Targets

IIPR has been the subject of a number of recent analyst reports. Zacks Research downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 5th. Weiss Ratings raised Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Compass Point raised Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price objective for the company in a research report on Tuesday, March 3rd. Finally, Piper Sandler lifted their price objective on Innovative Industrial Properties from $44.00 to $45.00 and gave the company an “underweight” rating in a research report on Wednesday, February 25th. Four analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Innovative Industrial Properties has an average rating of “Reduce” and an average target price of $45.00.

Innovative Industrial Properties Price Performance

IIPR stock opened at $59.23 on Tuesday. The stock has a 50-day moving average price of $54.49 and a two-hundred day moving average price of $51.96. Innovative Industrial Properties, Inc. has a 12-month low of $44.58 and a 12-month high of $61.40. The company has a current ratio of 6.06, a quick ratio of 6.06 and a debt-to-equity ratio of 0.20. The company has a market cap of $1.70 billion, a PE ratio of 15.15 and a beta of 1.42.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Monday, May 4th. The company reported $1.02 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.05). Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. The firm had revenue of $69.00 million for the quarter, compared to analysts’ expectations of $65.65 million. During the same period last year, the firm posted $1.94 EPS. Innovative Industrial Properties’s revenue was down 3.1% on a year-over-year basis. As a group, research analysts predict that Innovative Industrial Properties, Inc. will post 7.1 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 12.8%. The ex-dividend date of this dividend was Tuesday, March 31st. Innovative Industrial Properties’s payout ratio is 194.37%.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.