Los Angeles Capital Management LLC Sells 3,100 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Los Angeles Capital Management LLC lowered its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 33.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,280 shares of the company’s stock after selling 3,100 shares during the quarter. Los Angeles Capital Management LLC’s holdings in Innovative Industrial Properties were worth $650,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of IIPR. GAMMA Investing LLC bought a new position in shares of Innovative Industrial Properties during the 4th quarter worth about $26,000. Benjamin F. Edwards & Company Inc. acquired a new position in Innovative Industrial Properties in the 4th quarter valued at approximately $30,000. FNY Investment Advisers LLC bought a new stake in shares of Innovative Industrial Properties in the 4th quarter worth approximately $40,000. Headinvest LLC acquired a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth approximately $62,000. Finally, Independence Bank of Kentucky grew its holdings in shares of Innovative Industrial Properties by 82.9% during the 4th quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock worth $65,000 after purchasing an additional 290 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Separately, Piper Sandler raised their target price on Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $109.87 on Tuesday. The company has a quick ratio of 14.27, a current ratio of 14.27 and a debt-to-equity ratio of 0.15. The firm has a 50-day moving average price of $105.91 and a 200 day moving average price of $99.77. The firm has a market capitalization of $3.11 billion, a PE ratio of 19.28 and a beta of 1.51. Innovative Industrial Properties, Inc. has a 12-month low of $69.08 and a 12-month high of $115.75.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, May 8th. The company reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.74). The company had revenue of $75.45 million during the quarter, compared to analyst estimates of $79.65 million. Innovative Industrial Properties had a return on equity of 8.46% and a net margin of 53.07%. Research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.5 earnings per share for the current fiscal year.

Innovative Industrial Properties Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, July 15th. Shareholders of record on Friday, June 28th will be issued a dividend of $1.90 per share. The ex-dividend date is Thursday, June 27th. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.82. This represents a $7.60 dividend on an annualized basis and a dividend yield of 6.92%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 127.72%.

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.