Nisa Investment Advisors LLC Sells 2,021 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Nisa Investment Advisors LLC reduced its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 11.4% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 15,649 shares of the company’s stock after selling 2,021 shares during the period. Nisa Investment Advisors LLC owned 0.06% of Innovative Industrial Properties worth $2,138,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. LSV Asset Management increased its position in shares of Innovative Industrial Properties by 124.4% during the 1st quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after purchasing an additional 56,200 shares during the last quarter. Prevail Innovative Wealth Advisors LLC purchased a new stake in Innovative Industrial Properties in the first quarter worth approximately $2,046,000. SG Americas Securities LLC boosted its stake in shares of Innovative Industrial Properties by 75.7% during the 1st quarter. SG Americas Securities LLC now owns 19,573 shares of the company’s stock worth $2,027,000 after acquiring an additional 8,436 shares during the last quarter. Texas Permanent School Fund Corp grew its stake in shares of Innovative Industrial Properties by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 24,540 shares of the company’s stock valued at $2,541,000 after acquiring an additional 328 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. raised its holdings in Innovative Industrial Properties by 18.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,159 shares of the company’s stock valued at $21,242,000 after acquiring an additional 31,313 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the stock. Piper Sandler increased their target price on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. Roth Mkm raised their price objective 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. Finally, Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd.

Innovative Industrial Properties Stock Down 1.7 %

Innovative Industrial Properties stock opened at $127.00 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 18.06 and a quick ratio of 18.06. The stock’s fifty day moving average is $130.11 and its two-hundred day moving average is $117.45. The stock has a market cap of $3.60 billion, a PE ratio of 22.28 and a beta of 1.37. Innovative Industrial Properties, Inc. has a 1-year low of $73.04 and a 1-year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Monday, August 5th. The company reported $1.44 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 business had revenue of $79.79 million during the quarter, compared to analyst estimates of $77.18 million. During the same period in the prior year, the business earned $2.26 earnings per share. The firm’s quarterly revenue was up 4.4% compared to the same quarter last year. On average, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 5.98%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is currently 133.33%.

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.