California State Teachers Retirement System Lowers Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

California State Teachers Retirement System cut its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.1% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 26,482 shares of the company’s stock after selling 304 shares during the quarter. California State Teachers Retirement System owned 0.09% of Innovative Industrial Properties worth $1,765,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Bogart Wealth LLC purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at $27,000. Compass Financial Services Inc bought a new position in Innovative Industrial Properties in the fourth quarter valued at $32,000. GF Fund Management CO. LTD. purchased a new stake in Innovative Industrial Properties during the fourth quarter valued at about $34,000. Smartleaf Asset Management LLC lifted its stake in Innovative Industrial Properties by 182.1% during 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 last quarter. Finally, Headlands Technologies LLC bought a new stake in Innovative Industrial Properties during the fourth quarter worth about $50,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on IIPR shares. Roth Mkm reduced their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Wolfe Research started coverage on shares of Innovative Industrial Properties in a research report on Wednesday, April 23rd. They set an “outperform” rating and a $57.00 price target on the stock. Piper Sandler lowered their price objective 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. Industrial Alliance Securities reaffirmed a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Finally, Compass Point reiterated a “sell” rating and issued a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $78.67.

Innovative Industrial Properties Stock Up 0.8%

Shares of Innovative Industrial Properties stock opened at $55.24 on Friday. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. Innovative Industrial Properties, Inc. has a 52-week low of $45.44 and a 52-week high of $138.35. The company’s 50 day moving average price is $53.69 and its 200-day moving average price is $69.12. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of 9.99 and a beta of 1.70.

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

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, April 15th. Investors of record on Monday, March 31st were paid a $1.90 dividend. The ex-dividend date was Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 13.76%. Innovative Industrial Properties’s payout ratio is presently 146.15%.

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.