ProShare Advisors LLC Sells 1,324 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

ProShare Advisors LLC decreased its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 23.5% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,309 shares of the company’s stock after selling 1,324 shares during the period. ProShare Advisors LLC’s holdings in Innovative Industrial Properties were worth $471,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. raised its position in shares of Innovative Industrial Properties by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock worth $456,705,000 after acquiring an additional 28,111 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Innovative Industrial Properties by 3.3% in the second quarter. Bank of New York Mellon Corp now owns 336,694 shares of the company’s stock worth $36,774,000 after purchasing an additional 10,615 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after buying an additional 45,779 shares during the last quarter. Tidal Investments LLC boosted its holdings in shares of Innovative Industrial Properties by 1,465.1% in the 1st quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock valued at $24,532,000 after buying an additional 221,791 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its position in shares of Innovative Industrial Properties by 18.0% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,159 shares of the company’s stock worth $21,242,000 after buying an additional 31,313 shares during the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently commented on IIPR. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Piper Sandler increased their price objective on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 9th. Finally, Roth Mkm boosted their target price on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Three investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Innovative Industrial Properties currently has an average rating of “Hold” and an average target price of $130.00.

Innovative Industrial Properties Stock Down 1.0 %

NYSE:IIPR opened at $134.50 on Tuesday. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a twelve month low of $69.08 and a twelve month high of $138.35. The company has a market cap of $3.81 billion, a PE ratio of 23.60 and a beta of 1.35. The company’s 50 day moving average is $124.05 and its two-hundred day moving average is $112.44.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.08 by ($0.64). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The firm had revenue of $79.79 million during the quarter, compared to analyst estimates of $77.18 million. During the same period in the previous year, the company earned $2.26 earnings per share. Innovative Industrial Properties’s revenue was up 4.4% on a year-over-year basis. Analysts anticipate that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be paid a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 5.65%. The ex-dividend date of this dividend is Monday, September 30th. Innovative Industrial Properties’s payout ratio is 133.33%.

Innovative Industrial Properties 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.