Avantax Advisory Services Inc. Sells 1,040 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Avantax Advisory Services Inc. decreased its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 10.9% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 8,503 shares of the company’s stock after selling 1,040 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Innovative Industrial Properties were worth $460,000 as of its most recent SEC filing.

Other hedge funds have also recently added to or reduced their stakes in the company. PSI Advisors LLC increased its stake in shares of Innovative Industrial Properties by 454.5% in the 1st quarter. PSI Advisors LLC now owns 610 shares of the company’s stock valued at $33,000 after acquiring an additional 500 shares in the last quarter. GF Fund Management CO. LTD. bought a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at $34,000. Signaturefd LLC increased its stake in shares of Innovative Industrial Properties by 49.7% in the 1st quarter. Signaturefd LLC now owns 756 shares of the company’s stock valued at $41,000 after acquiring an additional 251 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at $56,000. Finally, Measured Risk Portfolios Inc. bought a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at $59,000. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $51.74 on Thursday. The firm has a market capitalization of $1.45 billion, a PE ratio of 9.95 and a beta of 1.65. The firm has a fifty day simple moving average of $55.26 and a two-hundred day simple moving average of $59.90. The company has a current ratio of 10.73, a quick ratio of 10.73 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 12 month low of $45.44 and a 12 month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings results 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 business had revenue of $71.72 million for the quarter, compared to the consensus estimate of $72.20 million. During the same quarter last year, the firm posted $2.21 EPS. The business’s revenue for the quarter was down 5.7% compared to the same quarter last year. Analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal 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. The ex-dividend date was Monday, June 30th. This represents a $7.60 annualized dividend and a dividend yield of 14.7%. Innovative Industrial Properties’s dividend payout ratio is presently 146.15%.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on IIPR. Wolfe Research lowered shares of Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research note on Wednesday, July 2nd. Piper Sandler decreased 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 research note on Tuesday, April 15th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $78.67.

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.