Victory Capital Management Inc. Sells 5,242 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Victory Capital Management Inc. cut its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 14.3% in the 4th quarter, HoldingsChannel.com reports. The fund owned 31,542 shares of the company’s stock after selling 5,242 shares during the period. Victory Capital Management Inc.’s holdings in Innovative Industrial Properties were worth $2,102,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Pacer Advisors Inc. bought a new stake in Innovative Industrial Properties in the 4th quarter valued at about $42,006,000. Wellington Management Group LLP increased its position in Innovative Industrial Properties by 48.6% in the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock valued at $76,490,000 after buying an additional 185,855 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Innovative Industrial Properties by 1.6% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 464,553 shares of the company’s stock valued at $30,958,000 after buying an additional 7,179 shares in the last quarter. Bank of New York Mellon Corp increased its position in Innovative Industrial Properties by 25.8% in the 4th quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock valued at $25,233,000 after buying an additional 77,552 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its position in Innovative Industrial Properties by 17.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock valued at $31,928,000 after buying an additional 35,269 shares in the last quarter. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Trading Down 7.6 %

Innovative Industrial Properties stock opened at $64.36 on Tuesday. The stock has a market cap of $1.82 billion, a P/E ratio of 11.64 and a beta of 1.49. Innovative Industrial Properties, Inc. has a fifty-two week low of $62.45 and a fifty-two week high of $138.35. The firm’s fifty day moving average price is $70.50 and its 200-day moving average price is $98.77. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.22. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. Equities research analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be given a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a yield of 11.81%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Insider Buying and Selling

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the sale, the director now directly owns 1,346 shares in the company, valued at $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 1.50% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts recently commented on the company. Piper Sandler decreased their target price on Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a research report on Monday. Roth Mkm cut their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating for the company in a research note on Friday, February 21st. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. BTIG Research downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. Finally, Alliance Global Partners downgraded Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $99.50.

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.