Vontobel Holding Ltd. Cuts Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Vontobel Holding Ltd. cut its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 13.1% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 3,940 shares of the company’s stock after selling 595 shares during the quarter. Vontobel Holding Ltd.’s holdings in Innovative Industrial Properties were worth $397,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently modified their holdings of the company. International Assets Investment Management LLC bought a new position in Innovative Industrial Properties during the fourth quarter valued at $14,952,000. American Assets Capital Advisers LLC bought a new position in Innovative Industrial Properties during the third quarter valued at $7,347,000. Schonfeld Strategic Advisors LLC increased its position in Innovative Industrial Properties by 187.9% during the third quarter. Schonfeld Strategic Advisors LLC now owns 108,195 shares of the company’s stock valued at $8,186,000 after acquiring an additional 70,612 shares during the last quarter. Oppenheimer & Co. Inc. increased its position in Innovative Industrial Properties by 118.3% during the third quarter. Oppenheimer & Co. Inc. now owns 74,483 shares of the company’s stock valued at $5,635,000 after acquiring an additional 40,367 shares during the last quarter. Finally, Northern Trust Corp increased its position in Innovative Industrial Properties by 8.6% during the third quarter. Northern Trust Corp now owns 358,166 shares of the company’s stock valued at $27,099,000 after acquiring an additional 28,403 shares during the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

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

Innovative Industrial Properties Stock Up 2.1 %

Shares of IIPR opened at $98.56 on Wednesday. The firm has a market capitalization of $2.78 billion, a P/E ratio of 17.08 and a beta of 1.49. Innovative Industrial Properties, Inc. has a 12-month low of $63.36 and a 12-month high of $105.81. The company has a current ratio of 14.22, a quick ratio of 14.22 and a debt-to-equity ratio of 0.16. The firm has a fifty day moving average price of $97.19 and a 200-day moving average price of $90.38.

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

Innovative Industrial Properties Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were paid a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a yield of 7.39%. The ex-dividend date of this dividend was Wednesday, March 27th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 126.17%.

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.