Sigma Planning Corp Cuts Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Sigma Planning Corp lowered its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 64.4% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 2,465 shares of the company’s stock after selling 4,457 shares during the period. Sigma Planning Corp’s holdings in Innovative Industrial Properties were worth $249,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its position in Innovative Industrial Properties by 3.4% during the third quarter. Charles Schwab Investment Management Inc. now owns 363,500 shares of the company’s stock valued at $27,502,000 after purchasing an additional 12,026 shares in the last quarter. Northern Trust Corp lifted its position in Innovative Industrial Properties by 8.6% in the 3rd quarter. Northern Trust Corp now owns 358,166 shares of the company’s stock worth $27,099,000 after buying an additional 28,403 shares during the last quarter. International Assets Investment Management LLC bought a new stake in Innovative Industrial Properties in the 4th quarter worth approximately $14,952,000. Schonfeld Strategic Advisors LLC boosted its stake in Innovative Industrial Properties by 187.9% in the third quarter. Schonfeld Strategic Advisors LLC now owns 108,195 shares of the company’s stock worth $8,186,000 after buying an additional 70,612 shares in the last quarter. Finally, American Assets Capital Advisers LLC bought a new position in Innovative Industrial Properties during the third quarter valued at approximately $7,347,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $97.71 on Monday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 14.22 and a current ratio of 14.22. Innovative Industrial Properties, Inc. has a fifty-two week low of $64.56 and a fifty-two week high of $105.81. The firm has a market cap of $2.76 billion, a PE ratio of 16.93 and a beta of 1.49. The business has a 50 day moving average price of $97.76 and a 200-day moving average price of $91.03.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results on Monday, February 26th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate 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 firm had revenue of $79.16 million for the quarter, compared to analysts’ expectations of $76.55 million. Equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.49 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $1.82 per share. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $7.28 dividend on an annualized basis and a yield of 7.45%. Innovative Industrial Properties’s dividend payout ratio is presently 126.17%.

Wall Street Analyst Weigh In

IIPR has been the subject of a number of research reports. TheStreet raised shares of Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research note on Wednesday, January 10th. Piper Sandler upped their price target on shares of 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 data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $92.67.

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.