Kestra Investment Management LLC Sells 2,526 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Kestra Investment Management LLC trimmed its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 14.6% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 14,802 shares of the company’s stock after selling 2,526 shares during the quarter. Kestra Investment Management LLC owned about 0.05% of Innovative Industrial Properties worth $986,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of the business. SG Americas Securities LLC acquired a new stake in Innovative Industrial Properties during the third quarter worth about $155,000. Blue Trust Inc. grew its stake in Innovative Industrial Properties by 177.3% during the third quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock worth $171,000 after buying an additional 814 shares in the last quarter. Everence Capital Management Inc. grew its stake in Innovative Industrial Properties by 11.0% during the third quarter. Everence Capital Management Inc. now owns 2,720 shares of the company’s stock worth $366,000 after buying an additional 270 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. grew its stake in Innovative Industrial Properties by 90.9% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,460 shares of the company’s stock worth $470,000 after buying an additional 1,648 shares in the last quarter. Finally, MCF Advisors LLC acquired a new stake in Innovative Industrial Properties during the third quarter worth about $238,000. 70.58% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on IIPR shares. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $125.00 to $78.00 in a research note on Friday, December 20th. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Finally, Piper Sandler downgraded shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and reduced their price target for the company from $118.00 to $70.00 in a research note on Friday, December 20th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $104.50.

Innovative Industrial Properties Stock Up 1.1 %

Shares of NYSE IIPR opened at $73.90 on Wednesday. The company has a 50 day simple moving average of $74.70 and a 200 day simple moving average of $105.41. The firm has a market cap of $2.09 billion, a PE ratio of 13.15 and a beta of 1.40. Innovative Industrial Properties, Inc. has a 1 year low of $62.45 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were issued a $1.90 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a yield of 10.28%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

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.