Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Voya Investment Management LLC

Voya Investment Management LLC reduced its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 7.5% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,427 shares of the company’s stock after selling 682 shares during the period. Voya Investment Management LLC’s holdings in Innovative Industrial Properties were worth $562,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Bogart Wealth LLC bought a new stake in shares of Innovative Industrial Properties in the 4th quarter worth approximately $27,000. Compass Financial Services Inc acquired a new position in Innovative Industrial Properties in the fourth quarter worth approximately $32,000. Smartleaf Asset Management LLC increased its holdings 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 valued at $43,000 after buying an additional 417 shares in the last quarter. Headlands Technologies LLC bought a new stake in shares of Innovative Industrial Properties during the 4th quarter worth $50,000. Finally, Pilgrim Partners Asia Pte Ltd acquired a new position in shares of Innovative Industrial Properties in the 4th quarter worth $57,000. 70.58% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Innovative Industrial Properties Trading Down 1.9 %

Innovative Industrial Properties stock opened at $54.58 on Friday. Innovative Industrial Properties, Inc. has a 12 month low of $45.44 and a 12 month high of $138.35. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.53 billion, a P/E ratio of 9.87 and a beta of 1.73. The company’s fifty day simple moving average is $57.95 and its 200-day simple moving average is $78.15.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.12). The firm had revenue of $71.72 million during the quarter, compared to analysts’ expectations of $72.20 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. During the same quarter last year, the firm earned $2.21 EPS. As a group, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal 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 $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 13.92%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is 146.15%.

Insider Transactions at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction dated Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This represents a 84.95 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 1.50% of the stock is currently owned by company insiders.

Innovative Industrial Properties 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.