Pacer Advisors Inc. Decreases Stock Position in Innovative Industrial Properties, Inc. $IIPR

Pacer Advisors Inc. trimmed its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 20.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 145,366 shares of the company’s stock after selling 38,034 shares during the quarter. Pacer Advisors Inc. owned approximately 0.52% of Innovative Industrial Properties worth $7,789,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in the company. Flaharty Asset Management LLC purchased a new position in Innovative Industrial Properties in the 1st quarter valued at $27,000. West Oak Capital LLC purchased a new position in shares of Innovative Industrial Properties in the third quarter worth about $27,000. AdvisorNet Financial Inc boosted its position in Innovative Industrial Properties by 50.3% during the second quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock worth $31,000 after acquiring an additional 187 shares during the last quarter. Headlands Technologies LLC boosted its position in Innovative Industrial Properties by 109.4% during the second quarter. Headlands Technologies LLC now owns 758 shares of the company’s stock worth $42,000 after acquiring an additional 396 shares during the last quarter. Finally, Legend Financial Advisors Inc. purchased a new stake in Innovative Industrial Properties during the 2nd quarter valued at about $44,000. 70.58% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Innovative Industrial Properties

In other Innovative Industrial Properties news, CFO David Jon Smith bought 600 shares of Innovative Industrial Properties stock in a transaction on Thursday, November 20th. The shares were bought at an average price of $45.90 per share, for a total transaction of $27,540.00. Following the completion of the transaction, the chief financial officer directly owned 600 shares of the company’s stock, valued at $27,540. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Chairman Alan D. Gold purchased 2,600 shares of the firm’s stock in a transaction dated Monday, November 24th. The stock was acquired at an average cost of $49.09 per share, for a total transaction of $127,634.00. Following the purchase, the chairman owned 2,600 shares in the company, valued at approximately $127,634. The trade was a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. In the last three months, insiders have acquired 4,200 shares of company stock valued at $201,434. 2.00% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of research firms have weighed in on IIPR. Weiss Ratings reissued a “hold (c-)” rating on shares of Innovative Industrial Properties in a research note on Monday, December 22nd. Piper Sandler increased their price target on Innovative Industrial Properties from $43.00 to $44.00 and gave the company an “underweight” rating in a report on Wednesday, November 5th. One research analyst has rated the stock with a Buy rating, three have assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Reduce” and an average target price of $68.20.

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $50.91 on Monday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.75 and a quick ratio of 2.75. The firm’s 50-day moving average is $51.24 and its two-hundred day moving average is $53.57. Innovative Industrial Properties, Inc. has a 12 month low of $44.58 and a 12 month high of $75.71. The company has a market capitalization of $1.43 billion, a PE ratio of 12.06 and a beta of 1.50.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Monday, November 3rd. The company reported $1.71 earnings per share for the quarter, missing the consensus estimate of $1.73 by ($0.02). The firm had revenue of $64.69 million during the quarter, compared to analysts’ expectations of $63.72 million. Innovative Industrial Properties had a net margin of 45.80% and a return on equity of 6.77%. The business’s quarterly revenue was down 15.4% on a year-over-year basis. During the same period last year, the company earned $2.25 EPS. Analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be paid a dividend of $1.90 per share. The ex-dividend date of this dividend is Wednesday, December 31st. This represents a $7.60 annualized dividend and a yield of 14.9%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 180.09%.

Innovative Industrial Properties Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.