Arizona State Retirement System Sells 143 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Arizona State Retirement System decreased its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.8% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,839 shares of the company’s stock after selling 143 shares during the period. Arizona State Retirement System’s holdings in Innovative Industrial Properties were worth $790,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in IIPR. Seed Wealth Management Inc. purchased a new stake in Innovative Industrial Properties during the fourth quarter valued at about $224,000. Lee Financial Group Hawaii Inc. raised its position in Innovative Industrial Properties by 12.3% during the fourth quarter. Lee Financial Group Hawaii Inc. now owns 8,025 shares of the company’s stock valued at $809,000 after purchasing an additional 880 shares in the last quarter. Independence Bank of Kentucky raised its position in Innovative Industrial Properties by 82.9% during the fourth quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock valued at $65,000 after purchasing an additional 290 shares in the last quarter. AlphaMark Advisors LLC purchased a new stake in Innovative Industrial Properties during the fourth quarter valued at about $339,000. Finally, FNY Investment Advisers LLC purchased a new stake in Innovative Industrial Properties during the fourth quarter valued at about $40,000. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Down 1.0 %

IIPR opened at $93.59 on Thursday. The company has a market cap of $2.64 billion, a P/E ratio of 16.22 and a beta of 1.49. The business’s 50-day moving average price is $97.00 and its 200-day moving average price is $89.80. The company has a current ratio of 14.22, a quick ratio of 14.22 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a 12 month low of $63.36 and a 12 month high of $105.81.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, February 26th. The company reported $1.45 EPS for the quarter, missing the consensus estimate of $2.07 by ($0.62). The company had revenue of $79.16 million during the quarter, compared to analysts’ expectations of $76.55 million. Innovative Industrial Properties had a return on equity of 8.54% and a net margin of 53.50%. On average, equities analysts expect that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $1.82 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $7.28 annualized dividend and a dividend yield of 7.78%. Innovative Industrial Properties’s payout ratio is presently 126.17%.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on IIPR shares. TheStreet upgraded Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research report on Wednesday, January 10th. Piper Sandler raised their price target on Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a research report on Thursday, February 29th. Four equities research analysts have rated the stock with a hold rating, According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $92.67.

About Innovative Industrial Properties

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.