Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Vestcor Inc

Vestcor Inc lowered its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 79.6% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 5,189 shares of the company’s stock after selling 20,254 shares during the quarter. Vestcor Inc’s holdings in Innovative Industrial Properties were worth $346,000 at the end of the most recent reporting period.

Other large investors have also added to or reduced their stakes in the company. Pacer Advisors Inc. purchased a new position in shares of Innovative Industrial Properties during the fourth quarter worth $42,006,000. Wellington Management Group LLP raised its stake in shares of Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after buying an additional 185,855 shares during the last quarter. Cambiar Investors LLC lifted its holdings in shares of Innovative Industrial Properties by 370.0% in the 4th quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock valued at $7,216,000 after buying an additional 85,244 shares during the period. Bank of New York Mellon Corp boosted its stake in shares of Innovative Industrial Properties by 25.8% in the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock worth $25,233,000 after buying an additional 77,552 shares during the last quarter. Finally, Empirical Asset Management LLC acquired a new stake in Innovative Industrial Properties during the fourth quarter worth about $4,794,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Analysts Set New Price Targets

IIPR has been the topic of several recent research reports. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Compass Point lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their price target for the company from $125.00 to $78.00 in a research report on Friday, December 20th. Piper Sandler decreased their price objective on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a research report on Monday. Alliance Global Partners cut Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research report on Monday, December 23rd. Finally, Roth Mkm reduced their price target 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. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $99.50.

Insider Transactions at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the transaction, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders own 1.50% of the company’s stock.

Innovative Industrial Properties Stock Down 7.6 %

IIPR opened at $64.36 on Tuesday. The company has a market cap of $1.82 billion, a PE ratio of 11.64 and a beta of 1.49. Innovative Industrial Properties, Inc. has a twelve month low of $62.45 and a twelve month high of $138.35. The company has a 50-day moving average price of $70.50 and a 200 day moving average price of $98.77. 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 announced its earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting analysts’ consensus estimates of $2.22. The business had revenue of $76.74 million during the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. Sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be paid a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 11.81%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

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.