Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Two Sigma Advisers LP

Two Sigma Advisers LP lessened its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 10.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 9,000 shares of the company’s stock after selling 1,000 shares during the quarter. Two Sigma Advisers LP’s holdings in Innovative Industrial Properties were worth $600,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in IIPR. Bogart Wealth LLC acquired a new position in Innovative Industrial Properties in the fourth quarter worth $27,000. Compass Financial Services Inc acquired a new position in Innovative Industrial Properties in the fourth quarter worth $32,000. Smartleaf Asset Management LLC boosted its holdings in Innovative Industrial Properties by 182.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after purchasing an additional 417 shares during the period. Headlands Technologies LLC acquired a new position in Innovative Industrial Properties in the fourth quarter worth $50,000. Finally, Point72 Asia Singapore Pte. Ltd. acquired a new position in Innovative Industrial Properties in the fourth quarter worth $56,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $55.65 on Wednesday. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $138.35. The firm’s 50-day simple moving average is $53.86 and its 200 day simple moving average is $70.17. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.56 billion, a P/E ratio of 10.06 and a beta of 1.73.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 earnings per share for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company had revenue of $71.72 million for the quarter, compared to the consensus estimate of $72.20 million. During the same quarter in the prior year, the firm earned $2.21 earnings per share. Innovative Industrial Properties’s revenue for the quarter was down 5.7% compared to the same quarter last year. Equities analysts expect that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.66%. The ex-dividend date of this dividend was Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is currently 146.15%.

Analysts Set New Price Targets

IIPR has been the subject of a number of research reports. Compass Point reaffirmed a “sell” rating and issued a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Piper Sandler reduced their price target on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a report on Tuesday, April 15th. Wolfe Research began coverage on shares of Innovative Industrial Properties in a report on Wednesday, April 23rd. They set an “outperform” rating and a $57.00 price target for the company. Roth Mkm reduced their price target on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a report on Friday, February 21st. Finally, Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $78.67.

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.