Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.

MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. decreased its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 4.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 91,096 shares of the company’s stock after selling 3,808 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. owned 0.32% of Innovative Industrial Properties worth $6,071,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of IIPR. Bogart Wealth LLC acquired a new stake in Innovative Industrial Properties in the fourth quarter valued at about $27,000. Compass Financial Services Inc acquired a new position in shares of Innovative Industrial Properties during the 4th quarter worth $32,000. Smartleaf Asset Management LLC increased its holdings in shares of Innovative Industrial Properties by 182.1% in the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock valued at $43,000 after purchasing an additional 417 shares in the last quarter. Headlands Technologies LLC acquired a new stake in shares of Innovative Industrial Properties in the fourth quarter valued at about $50,000. Finally, Pilgrim Partners Asia Pte Ltd purchased a new stake in Innovative Industrial Properties during the fourth quarter worth about $57,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Up 2.9%

Shares of IIPR opened at $57.04 on Monday. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $138.35. The company’s fifty day moving average is $56.29 and its two-hundred day moving average is $74.72. The firm has a market cap of $1.60 billion, a PE ratio of 10.31 and a beta of 1.73. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.12). The firm had revenue of $71.72 million for 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%. Innovative Industrial Properties’s revenue was down 5.7% on a year-over-year basis. During the same period last year, the firm posted $2.21 EPS. Analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were issued a $1.90 dividend. The ex-dividend date of this dividend was Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 13.32%. Innovative Industrial Properties’s payout ratio is 146.15%.

Analyst Ratings Changes

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

Insider Buying and Selling at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the transaction, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. This represents a 84.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.00% of the stock is currently owned by corporate 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.