Nisa Investment Advisors LLC Sells 16,285 Shares of Innovative Industrial Properties, Inc. $IIPR

Nisa Investment Advisors LLC reduced its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 46.9% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 18,417 shares of the company’s stock after selling 16,285 shares during the period. Nisa Investment Advisors LLC owned approximately 0.07% of Innovative Industrial Properties worth $909,000 at the end of the most recent quarter.

Several other institutional investors have also recently made changes to their positions in the company. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its position in shares of Innovative Industrial Properties by 229.6% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 288,056 shares of the company’s stock worth $15,906,000 after buying an additional 200,652 shares in the last quarter. Millennium Management LLC grew its position in Innovative Industrial Properties by 1,131.0% during the first quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock worth $8,520,000 after buying an additional 144,714 shares in the last quarter. Invesco Ltd. increased its stake in Innovative Industrial Properties by 40.5% in the 2nd quarter. Invesco Ltd. now owns 382,133 shares of the company’s stock worth $21,101,000 after acquiring an additional 110,236 shares during the last quarter. First Trust Advisors LP increased its stake in Innovative Industrial Properties by 1,132.5% in the 2nd quarter. First Trust Advisors LP now owns 70,894 shares of the company’s stock worth $3,915,000 after acquiring an additional 65,142 shares during the last quarter. Finally, Victory Capital Management Inc. raised its holdings in shares of Innovative Industrial Properties by 387.1% in the 3rd quarter. Victory Capital Management Inc. now owns 59,592 shares of the company’s stock valued at $3,193,000 after acquiring an additional 47,358 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Analyst Ratings Changes

A number of brokerages have recently issued reports on IIPR. Compass Point upgraded Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price target for the company in a research report on Tuesday, March 3rd. Piper Sandler upped their price objective on shares of Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 25th. Finally, Weiss Ratings lowered shares of Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, March 25th. Two analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus price target of $49.00.

Innovative Industrial Properties Price Performance

IIPR opened at $50.12 on Friday. The company has a current ratio of 4.38, a quick ratio of 4.38 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $1.41 billion, a P/E ratio of 12.78 and a beta of 1.45. The stock has a 50-day moving average price of $50.48 and a 200-day moving average price of $51.36. Innovative Industrial Properties, Inc. has a 12-month low of $44.58 and a 12-month high of $59.83.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, February 23rd. The company reported $1.88 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.17. The company had revenue of $66.66 million for the quarter, compared to analysts’ expectations of $66.16 million. Innovative Industrial Properties had a return on equity of 6.43% and a net margin of 44.46%.Innovative Industrial Properties’s revenue for the quarter was down 13.1% compared to the same quarter last year. During the same period last year, the firm posted $2.03 EPS. Equities 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 declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, March 31st will be paid a dividend of $1.90 per share. The ex-dividend date of this dividend is Tuesday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 15.2%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 193.88%.

Innovative Industrial Properties Company 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.