Financial Enhancement Group LLC Decreases Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Financial Enhancement Group LLC lowered its position in Innovative Industrial Properties, Inc. (NYSE:IIPRGet Rating) by 5.4% in the 1st quarter, according to the company in its most recent filing with the SEC. The fund owned 24,587 shares of the company’s stock after selling 1,393 shares during the quarter. Financial Enhancement Group LLC owned about 0.09% of Innovative Industrial Properties worth $5,050,000 as of its most recent SEC filing.

A number of other hedge funds have also added to or reduced their stakes in IIPR. Raymond James Financial Services Advisors Inc. grew its holdings in Innovative Industrial Properties by 7.8% during the 4th quarter. Raymond James Financial Services Advisors Inc. now owns 1,261 shares of the company’s stock valued at $332,000 after buying an additional 91 shares in the last quarter. AlphaCrest Capital Management LLC purchased a new position in Innovative Industrial Properties during the 4th quarter valued at about $746,000. HighTower Advisors LLC grew its holdings in Innovative Industrial Properties by 9.3% during the 4th quarter. HighTower Advisors LLC now owns 8,850 shares of the company’s stock valued at $2,329,000 after buying an additional 751 shares in the last quarter. Teacher Retirement System of Texas grew its holdings in Innovative Industrial Properties by 20.7% during the 4th quarter. Teacher Retirement System of Texas now owns 4,578 shares of the company’s stock valued at $1,204,000 after buying an additional 784 shares in the last quarter. Finally, Citigroup Inc. boosted its position in shares of Innovative Industrial Properties by 8.8% during the 4th quarter. Citigroup Inc. now owns 34,345 shares of the company’s stock valued at $9,030,000 after acquiring an additional 2,768 shares during the last quarter. Hedge funds and other institutional investors own 76.07% of the company’s stock.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $90.49 on Wednesday. The business has a 50 day moving average of $97.44 and a 200 day moving average of $134.73. The company has a market capitalization of $2.53 billion, a price-to-earnings ratio of 17.81 and a beta of 1.63. Innovative Industrial Properties, Inc. has a 1-year low of $87.47 and a 1-year high of $288.02. The company has a debt-to-equity ratio of 0.15, a current ratio of 55.21 and a quick ratio of 55.21.

Innovative Industrial Properties (NYSE:IIPRGet Rating) last announced its quarterly earnings data on Wednesday, August 3rd. The company reported $1.42 earnings per share for the quarter, missing the consensus estimate of $1.86 by ($0.44). Innovative Industrial Properties had a net margin of 54.07% and a return on equity of 8.01%. The company had revenue of $70.51 million during the quarter, compared to the consensus estimate of $68.50 million. On average, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 7.82 earnings per share for the current fiscal year.

Insider Buying and Selling at Innovative Industrial Properties

In related news, Chairman Alan D. Gold acquired 1,000 shares of the stock in a transaction on Wednesday, August 10th. The stock was purchased at an average price of $94.22 per share, for a total transaction of $94,220.00. Following the completion of the transaction, the chairman now owns 212,308 shares of the company’s stock, valued at approximately $20,003,659.76. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 1.50% of the company’s stock.

Analyst Ratings Changes

A number of analysts have recently issued reports on IIPR shares. Compass Point downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating and set a $100.00 price target for the company. in a research report on Monday, August 8th. BTIG Research dropped their price target on Innovative Industrial Properties from $290.00 to $248.00 and set a “buy” rating for the company in a research report on Friday, July 15th. TheStreet downgraded Innovative Industrial Properties from a “b-” rating to a “c+” rating in a research report on Monday, July 25th. Piper Sandler dropped their price target on Innovative Industrial Properties from $160.00 to $135.00 and set an “overweight” rating for the company in a research report on Monday, August 8th. Finally, JMP Securities dropped their price target on Innovative Industrial Properties from $190.00 to $150.00 and set a “market outperform” rating for the company in a research report on Tuesday, July 19th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Innovative Industrial Properties has an average rating of “Moderate Buy” and a consensus price target of $151.60.

Innovative Industrial Properties Company Profile

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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 medical-use 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.

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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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