Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Cambridge Investment Research Advisors Inc.

Cambridge Investment Research Advisors Inc. decreased its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 2.0% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 17,162 shares of the company’s stock after selling 345 shares during the period. Cambridge Investment Research Advisors Inc. owned approximately 0.06% of Innovative Industrial Properties worth $1,874,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Los Angeles Capital Management LLC acquired a new position in Innovative Industrial Properties during the fourth quarter worth $946,000. Chesapeake Capital Corp IL acquired a new position in shares of Innovative Industrial Properties during the 4th quarter worth $854,000. Pinebridge Investments L.P. purchased a new position in shares of Innovative Industrial Properties in the 4th quarter valued at about $763,000. LSV Asset Management lifted its stake in shares of Innovative Industrial Properties by 124.4% in the first quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after purchasing an additional 56,200 shares during the period. Finally, Charles Schwab Investment Management Inc. boosted its holdings in Innovative Industrial Properties by 4.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 378,945 shares of the company’s stock worth $38,205,000 after buying an additional 15,445 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on IIPR. Piper Sandler lifted their price target on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research report on Friday, August 9th. Roth Mkm boosted their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Three investment analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $118.33.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $124.28 on Tuesday. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a fifty-two week low of $69.08 and a fifty-two week high of $127.36. The business has a fifty day moving average of $117.14 and a 200-day moving average of $107.51. The stock has a market cap of $3.52 billion, a price-to-earnings ratio of 21.80 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The firm had revenue of $79.79 million during the quarter, compared to analyst estimates of $77.18 million. During the same period in the previous year, the firm posted $2.26 EPS. The company’s revenue for the quarter was up 4.4% compared to the same quarter last year. As a group, analysts predict that Innovative Industrial Properties, Inc. will post 8.41 earnings per share for the current fiscal year.

Innovative Industrial Properties Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were paid a dividend of $1.90 per share. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.82. The ex-dividend date of this dividend was Thursday, June 27th. This represents a $7.60 annualized dividend and a dividend yield of 6.12%. Innovative Industrial Properties’s dividend payout ratio is presently 133.33%.

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.