Bank of New York Mellon Corp Has $20.43 Million Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Bank of New York Mellon Corp reduced its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 0.2% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 377,754 shares of the company’s stock after selling 890 shares during the quarter. Bank of New York Mellon Corp owned about 1.33% of Innovative Industrial Properties worth $20,433,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. Summit Investment Advisors Inc. increased its position in Innovative Industrial Properties by 5.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company’s stock worth $196,000 after buying an additional 160 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its stake in Innovative Industrial Properties by 4.0% during the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company’s stock worth $288,000 after purchasing an additional 164 shares during the last quarter. Avantax Advisory Services Inc. increased its holdings in shares of Innovative Industrial Properties by 2.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company’s stock worth $636,000 after buying an additional 192 shares during the period. Pinebridge Investments L.P. increased its holdings in Innovative Industrial Properties by 4.3% during the 4th quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company’s stock valued at $312,000 after purchasing an additional 193 shares during the period. Finally, American Century Companies Inc. increased its holdings in Innovative Industrial Properties by 1.7% during the 4th quarter. American Century Companies Inc. now owns 16,158 shares of the company’s stock valued at $1,077,000 after purchasing an additional 270 shares during the period. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $52.31 on Friday. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35. The firm’s 50 day moving average price is $56.12 and its 200-day moving average price is $61.21. The firm has a market cap of $1.47 billion, a P/E ratio of 10.06 and a beta of 1.69. The company has a debt-to-equity ratio of 0.15, a quick ratio of 10.73 and a current ratio of 10.73.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing analysts’ consensus estimates of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 50.30% and a return on equity of 8.01%. The firm had revenue of $71.72 million during the quarter, compared to analysts’ expectations of $72.20 million. During the same period in the prior year, the company posted $2.21 earnings per share. The company’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 14.53%. The ex-dividend date of this dividend was Monday, June 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 146.15%.

Analyst Ratings Changes

IIPR has been the topic of a number of analyst reports. Wolfe Research cut Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, July 2nd. Piper Sandler cut their price target on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a research note on Tuesday, April 15th. Compass Point reissued a “sell” rating and set a $50.00 price objective (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Finally, Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Two analysts have rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of “Hold” and a consensus target price 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.