Engineers Gate Manager LP Lowers Holdings in Innovative Industrial Properties, Inc. $IIPR

Engineers Gate Manager LP decreased its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 35.0% during the second quarter, HoldingsChannel.com reports. The firm owned 31,774 shares of the company’s stock after selling 17,126 shares during the quarter. Engineers Gate Manager LP’s holdings in Innovative Industrial Properties were worth $1,969,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the company. Integrated Wealth Concepts LLC purchased a new position in Innovative Industrial Properties in the second quarter worth about $211,000. NewEdge Advisors LLC grew its holdings in shares of Innovative Industrial Properties by 6.7% during the second quarter. NewEdge Advisors LLC now owns 6,793 shares of the company’s stock valued at $421,000 after buying an additional 424 shares during the last quarter. Nykredit A S purchased a new stake in shares of Innovative Industrial Properties during the second quarter valued at approximately $25,000. Corient Private Wealth LP bought a new stake in shares of Innovative Industrial Properties during the second quarter valued at approximately $1,364,000. Finally, Amundi increased its position in shares of Innovative Industrial Properties by 2.2% during the second quarter. Amundi now owns 19,029 shares of the company’s stock valued at $1,179,000 after acquiring an additional 413 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Innovative Industrial Properties

In other news, Director Bruce Ives purchased 528 shares of the stock in a transaction dated Monday, August 31st. The shares were purchased at an average cost of $56.70 per share, with a total value of $29,937.60. Following the acquisition, the director directly owned 3,180 shares of the company’s stock, valued at $180,306. This represents a 19.91% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 2.30% of the stock is owned by insiders.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $56.28 on Wednesday. The company has a 50 day moving average price of $59.03 and a 200-day moving average price of $56.91. Innovative Industrial Properties, Inc. has a 52 week low of $44.58 and a 52 week high of $65.38. The firm has a market capitalization of $1.55 billion, a PE ratio of 12.76 and a beta of 1.35. The company has a quick ratio of 24.51, a current ratio of 24.51 and a debt-to-equity ratio of 0.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, August 3rd. The company reported $1.36 earnings per share for the quarter, beating analysts’ consensus estimates of $1.02 by $0.34. The company had revenue of $63.31 million for the quarter, compared to the consensus estimate of $67.09 million. Innovative Industrial Properties had a net margin of 52.27% and a return on equity of 7.73%. As a group, equities research analysts expect that Innovative Industrial Properties, Inc. will post 7.05 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Shareholders of record on Wednesday, September 30th will be paid a dividend of $1.90 per share. The ex-dividend date is Wednesday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 13.5%. Innovative Industrial Properties’s payout ratio is currently 172.34%.

Analyst Upgrades and Downgrades

IIPR has been the topic of several analyst reports. Piper Sandler upped their price objective on Innovative Industrial Properties from $45.00 to $51.00 and gave the company an “underweight” rating in a research report on Tuesday, July 21st. Weiss Ratings raised Innovative Industrial Properties from a “hold (c-)” rating to a “hold (c)” rating in a report on Thursday, August 6th. Three analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of “Reduce” and an average target price of $48.00.

Innovative Industrial Properties Company Profile

Innovative Industrial Properties, Inc (NYSE: IIPR) is a real estate investment trust focused on the regulated cannabis industry. The company acquires, owns and manages specialized industrial properties that are used for cannabis cultivation and processing.

IIPR generally leases its properties to state-licensed cannabis operators through long-term, often triple-net lease agreements. Under these arrangements, tenants typically remain responsible for property-level expenses such as maintenance, insurance and taxes.