New York State Common Retirement Fund Sells 819 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

New York State Common Retirement Fund decreased its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 5.0% in the fourth quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 15,567 shares of the company’s stock after selling 819 shares during the quarter. New York State Common Retirement Fund’s holdings in Innovative Industrial Properties were worth $1,569,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. Investors Research Corp lifted its position in shares of Innovative Industrial Properties by 2.6% during the 4th quarter. Investors Research Corp now owns 5,000 shares of the company’s stock valued at $504,000 after buying an additional 125 shares in the last quarter. Van ECK Associates Corp increased its position in shares of Innovative Industrial Properties by 4.3% during the 3rd quarter. Van ECK Associates Corp now owns 3,271 shares of the company’s stock valued at $247,000 after purchasing an additional 136 shares during the last quarter. Nisa Investment Advisors LLC increased its position in shares of Innovative Industrial Properties by 0.8% during the 4th quarter. Nisa Investment Advisors LLC now owns 18,123 shares of the company’s stock valued at $1,827,000 after purchasing an additional 144 shares during the last quarter. Daiwa Securities Group Inc. grew its position in Innovative Industrial Properties by 2.4% in the 3rd quarter. Daiwa Securities Group Inc. now owns 8,898 shares of the company’s stock valued at $673,000 after acquiring an additional 207 shares during the last quarter. Finally, Independence Bank of Kentucky grew its position in Innovative Industrial Properties by 82.9% in the 4th quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock valued at $65,000 after acquiring an additional 290 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

Separately, Piper Sandler increased their price target on Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th. Four research analysts have rated the stock with a hold rating, According to MarketBeat, the company has an average rating of “Hold” and an average target price of $92.67.

Innovative Industrial Properties Trading Down 2.6 %

Shares of NYSE IIPR opened at $104.91 on Friday. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.22 and a quick ratio of 14.22. The stock has a market capitalization of $2.96 billion, a P/E ratio of 18.18 and a beta of 1.48. Innovative Industrial Properties, Inc. has a 1-year low of $65.16 and a 1-year high of $111.71. The business has a fifty day moving average price of $100.15 and a 200 day moving average price of $92.70.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, February 26th. The company reported $1.45 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 business had revenue of $79.16 million during the quarter, compared to analysts’ expectations of $76.55 million. Equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Stockholders of record on Thursday, March 28th were issued a $1.82 dividend. This represents a $7.28 dividend on an annualized basis and a dividend yield of 6.94%. The ex-dividend date was Wednesday, March 27th. Innovative Industrial Properties’s dividend payout ratio is presently 126.17%.

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.