Charles Schwab Investment Management Inc. Sells 2,884 Shares of Innovative Industrial Properties, Inc. $IIPR

Charles Schwab Investment Management Inc. reduced its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 0.6% during the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 461,669 shares of the company’s stock after selling 2,884 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 1.65% of Innovative Industrial Properties worth $24,972,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Principal Financial Group Inc. boosted its stake in shares of Innovative Industrial Properties by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 155,355 shares of the company’s stock valued at $8,403,000 after purchasing an additional 3,961 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Innovative Industrial Properties by 9.1% in the 4th quarter. Bank of America Corp DE now owns 16,759 shares of the company’s stock valued at $1,117,000 after purchasing an additional 1,395 shares during the last quarter. Janney Montgomery Scott LLC boosted its stake in Innovative Industrial Properties by 6.9% during the first quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company’s stock worth $267,000 after acquiring an additional 319 shares in the last quarter. Wells Fargo & Company MN grew its holdings in Innovative Industrial Properties by 27.8% in the fourth quarter. Wells Fargo & Company MN now owns 16,543 shares of the company’s stock worth $1,102,000 after purchasing an additional 3,603 shares during the period. Finally, Deutsche Bank AG grew its holdings in Innovative Industrial Properties by 32.6% in the fourth quarter. Deutsche Bank AG now owns 34,180 shares of the company’s stock worth $2,278,000 after purchasing an additional 8,408 shares during the period. 70.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Wolfe Research cut shares of Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a report on Wednesday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $78.67.

Innovative Industrial Properties Stock Up 0.2%

Innovative Industrial Properties stock opened at $52.7880 on Thursday. Innovative Industrial Properties, Inc. has a 1-year low of $45.44 and a 1-year high of $138.35. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 11.43 and a beta of 1.65. The firm’s fifty day moving average price is $54.34 and its two-hundred day moving average price is $58.67. The company has a current ratio of 10.30, a quick ratio of 10.30 and a debt-to-equity ratio of 0.16.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, August 6th. The company reported $1.71 earnings per share for the quarter, beating analysts’ consensus estimates of $1.68 by $0.03. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The firm had revenue of $62.89 million for the quarter, compared to analyst estimates of $64.36 million. During the same period last year, the firm earned $2.06 earnings per share. The business’s quarterly revenue was down 21.2% compared to the same quarter last year. On average, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.4%. The ex-dividend date of this dividend was Monday, June 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 164.50%.

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.