Amalgamated Bank Trims Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Amalgamated Bank lessened its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 3.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,342 shares of the company’s stock after selling 300 shares during the quarter. Amalgamated Bank’s holdings in Innovative Industrial Properties were worth $1,123,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in IIPR. Prevail Innovative Wealth Advisors LLC acquired a new stake in shares of Innovative Industrial Properties during the 1st quarter worth about $2,046,000. Vanguard Group Inc. lifted its stake in shares of Innovative Industrial Properties by 0.6% during the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock valued at $456,705,000 after buying an additional 28,111 shares during the period. CANADA LIFE ASSURANCE Co boosted its position in Innovative Industrial Properties by 4.4% during the first quarter. CANADA LIFE ASSURANCE Co now owns 57,808 shares of the company’s stock worth $5,982,000 after acquiring an additional 2,452 shares during the last quarter. Thrivent Financial for Lutherans grew its stake in Innovative Industrial Properties by 97.5% in the 2nd quarter. Thrivent Financial for Lutherans now owns 48,034 shares of the company’s stock worth $5,246,000 after acquiring an additional 23,709 shares during the period. Finally, Dimensional Fund Advisors LP raised its holdings in Innovative Industrial Properties by 16.2% in the 2nd quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after acquiring an additional 45,779 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on the company. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a report on Monday. Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price objective for the company in a research note on Friday, November 8th. Roth Mkm raised their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, Piper Sandler dropped their price target on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research report on Friday, November 8th. Two research analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of “Moderate Buy” and a consensus price target of $127.67.

Innovative Industrial Properties Stock Down 0.9 %

Shares of NYSE:IIPR opened at $103.06 on Thursday. The stock has a 50-day simple moving average of $128.67 and a 200-day simple moving average of $118.63. The stock has a market capitalization of $2.92 billion, a P/E ratio of 18.34 and a beta of 1.37. Innovative Industrial Properties, Inc. has a 1 year low of $77.29 and a 1 year high of $138.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). The company had revenue of $76.53 million during the quarter, compared to analysts’ expectations of $77.30 million. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. Innovative Industrial Properties’s quarterly revenue was down 1.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.29 EPS. Equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.4 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.37%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s payout ratio is 135.23%.

About Innovative Industrial Properties

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.