IFP Advisors Inc Reduces Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

IFP Advisors Inc lowered its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) by 33.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 1,367 shares of the company’s stock after selling 675 shares during the quarter. IFP Advisors Inc’s holdings in Innovative Industrial Properties were worth $53,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Lazard Asset Management LLC lifted its holdings in shares of Innovative Industrial Properties by 112.9% in the 1st quarter. Lazard Asset Management LLC now owns 396 shares of the company’s stock worth $81,000 after buying an additional 210 shares during the period. CENTRAL TRUST Co lifted its holdings in shares of Innovative Industrial Properties by 4,545.5% in the 4th quarter. CENTRAL TRUST Co now owns 511 shares of the company’s stock worth $52,000 after buying an additional 500 shares during the period. Centaurus Financial Inc. lifted its holdings in shares of Innovative Industrial Properties by 61.4% in the 1st quarter. Centaurus Financial Inc. now owns 649 shares of the company’s stock worth $133,000 after buying an additional 247 shares during the period. Clearstead Advisors LLC lifted its holdings in shares of Innovative Industrial Properties by 195.7% in the 3rd quarter. Clearstead Advisors LLC now owns 961 shares of the company’s stock worth $85,000 after buying an additional 636 shares during the period. Finally, Golden State Wealth Management LLC lifted its holdings in shares of Innovative Industrial Properties by 14.0% in the 1st quarter. Golden State Wealth Management LLC now owns 983 shares of the company’s stock worth $202,000 after buying an additional 121 shares during the period. Hedge funds and other institutional investors own 73.71% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have weighed in on IIPR shares. StockNews.com initiated coverage on Innovative Industrial Properties in a report on Thursday. They issued a “hold” rating for the company. JMP Securities lowered Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a research report on Friday, January 20th. Craig Hallum lowered Innovative Industrial Properties from a “buy” rating to a “hold” rating and reduced their target price for the company from $125.00 to $80.00 in a research report on Wednesday, May 10th. TheStreet lowered Innovative Industrial Properties from a “b-” rating to a “c+” rating in a research report on Monday, February 27th. Finally, BTIG Research cut their price objective on Innovative Industrial Properties from $196.00 to $179.00 and set a “buy” rating on the stock in a report on Tuesday, January 24th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $129.33.

Innovative Industrial Properties Stock Up 1.7 %

Innovative Industrial Properties stock opened at $70.36 on Thursday. The firm has a market cap of $1.97 billion, a price-to-earnings ratio of 12.50 and a beta of 1.59. Innovative Industrial Properties, Inc. has a 52 week low of $63.36 and a 52 week high of $137.33. The business’s 50-day moving average price is $72.96 and its 200 day moving average price is $91.68. The company has a quick ratio of 17.70, a current ratio of 17.70 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR – Get Rating) last posted its earnings results on Monday, February 27th. The company reported $1.46 EPS for the quarter, missing the consensus estimate of $1.80 by ($0.34). The company had revenue of $70.46 million for the quarter, compared to analyst estimates of $68.60 million. Innovative Industrial Properties had a return on equity of 8.22% and a net margin of 55.72%. As a group, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 7.75 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, April 14th. Shareholders of record on Friday, March 31st were given a dividend of $1.80 per share. The ex-dividend date of this dividend was Thursday, March 30th. This represents a $7.20 dividend on an annualized basis and a yield of 10.23%. Innovative Industrial Properties’s dividend payout ratio is currently 127.89%.

About Innovative Industrial Properties

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Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington.