Pathstone Holdings LLC Sells 2,618 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Pathstone Holdings LLC reduced its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 9.8% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 23,963 shares of the company’s stock after selling 2,618 shares during the quarter. Pathstone Holdings LLC owned about 0.08% of Innovative Industrial Properties worth $3,225,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. USA Financial Formulas bought a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at $25,000. Blue Trust Inc. boosted its position in Innovative Industrial Properties by 2,085.7% during the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after acquiring an additional 438 shares during the last quarter. Signaturefd LLC grew its holdings in Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after acquiring an additional 150 shares during the period. Federated Hermes Inc. raised its position in shares of Innovative Industrial Properties by 138.1% in the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after acquiring an additional 312 shares in the last quarter. Finally, US Bancorp DE lifted its stake in shares of Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after purchasing an additional 189 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analysts Set New Price Targets

IIPR has been the subject of a number of research analyst reports. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a report on Friday, November 8th. Piper Sandler lowered their price objective on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties Price Performance

Shares of NYSE:IIPR opened at $107.12 on Monday. The stock’s 50 day moving average is $125.93 and its 200-day moving average is $118.65. Innovative Industrial Properties, Inc. has a twelve month low of $78.10 and a twelve month high of $138.35. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 19.06 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. During the same period last year, the business posted $2.29 earnings per share. The firm’s quarterly revenue was down 1.7% on a year-over-year basis. Sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were paid a dividend of $1.90 per share. The ex-dividend date was Monday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 7.09%. Innovative Industrial Properties’s payout ratio is currently 135.23%.

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.