Public Sector Pension Investment Board Sells 2,200 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Public Sector Pension Investment Board reduced its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 3.5% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 60,083 shares of the company’s stock after selling 2,200 shares during the period. Public Sector Pension Investment Board owned 0.21% of Innovative Industrial Properties worth $8,087,000 at the end of the most recent quarter.

Other large investors have also bought and sold shares of the company. USA Financial Formulas bought a new position in shares of Innovative Industrial Properties in the 3rd quarter worth about $25,000. Blue Trust Inc. raised its position in shares of Innovative Industrial Properties by 2,085.7% in the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after acquiring an additional 438 shares in the last quarter. Signaturefd LLC raised its position in shares of Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after acquiring an additional 150 shares in the last quarter. Canton Hathaway LLC bought a new position in shares of Innovative Industrial Properties in the 3rd quarter worth about $55,000. Finally, Loomis Sayles & Co. L P raised its position in shares of Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock worth $57,000 after acquiring an additional 407 shares in the last quarter. 70.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several analysts have recently commented on IIPR shares. 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 research note on Friday, November 8th. Wolfe Research upgraded Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Piper Sandler reduced their target price on 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. Two research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $109.17 on Friday. The company’s fifty day simple moving average is $123.47 and its two-hundred day simple moving average is $118.63. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. Innovative Industrial Properties, Inc. has a 1 year low of $80.24 and a 1 year high of $138.35. The stock has a market capitalization of $3.09 billion, a price-to-earnings ratio of 19.43 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly 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). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The firm had revenue of $76.53 million during the quarter, compared to the consensus estimate of $77.30 million. During the same period in the previous year, the company posted $2.29 EPS. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current 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 dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 6.96%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 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.