Beacon Pointe Advisors LLC Sells 305 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Beacon Pointe Advisors LLC lowered its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 7.0% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 4,027 shares of the company’s stock after selling 305 shares during the quarter. Beacon Pointe Advisors LLC’s holdings in Innovative Industrial Properties were worth $268,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently made changes to their positions in the stock. Summit Investment Advisors Inc. raised its holdings in Innovative Industrial Properties by 5.7% during the fourth quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company’s stock valued at $196,000 after acquiring an additional 160 shares during the period. Roberts Glore & Co. Inc. IL raised its stake in Innovative Industrial Properties by 4.6% during the 4th quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company’s stock valued at $261,000 after purchasing an additional 172 shares during the period. Avantax Advisory Services Inc. lifted its holdings in Innovative Industrial Properties by 2.1% in the 4th quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company’s stock worth $636,000 after purchasing an additional 192 shares in the last quarter. Pinebridge Investments L.P. boosted its stake in Innovative Industrial Properties by 4.3% in the 4th quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company’s stock worth $312,000 after purchasing an additional 193 shares during the period. Finally, Baader Bank Aktiengesellschaft grew its holdings in Innovative Industrial Properties by 3.6% during the 4th quarter. Baader Bank Aktiengesellschaft now owns 5,700 shares of the company’s stock valued at $378,000 after buying an additional 200 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $54.73 on Tuesday. The business’s 50 day moving average price is $59.34 and its 200-day moving average price is $79.57. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $138.35. The company has a market cap of $1.53 billion, a P/E ratio of 9.90 and a beta of 1.73. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting analysts’ consensus estimates of $2.22. The business 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%. Sell-side analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were given a dividend of $1.90 per share. The ex-dividend date was Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 13.89%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Insider Buying and Selling at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the sale, the director now directly owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This trade represents a 84.95 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 1.50% of the company’s stock.

Analyst Ratings Changes

Several equities analysts have recently commented on the stock. Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Wolfe Research began coverage on shares of Innovative Industrial Properties in a report on Wednesday, April 23rd. They set an “outperform” rating and a $57.00 price objective for the company. Piper Sandler reduced their target price on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a report on Tuesday, April 15th. Roth Mkm dropped 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. Finally, 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 research note on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and an average target price of $78.67.

Innovative Industrial Properties Company Profile

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.