Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Corebridge Financial Inc.

Corebridge Financial Inc. lowered its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 7.2% in the fourth quarter, according to its most recent 13F filing with the SEC. The fund owned 15,011 shares of the company’s stock after selling 1,171 shares during the period. Corebridge Financial Inc. owned about 0.05% of Innovative Industrial Properties worth $1,000,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of the stock. Bogart Wealth LLC purchased a new stake in Innovative Industrial Properties during the fourth quarter worth $27,000. Compass Financial Services Inc acquired a new position in shares of Innovative Industrial Properties in the fourth quarter worth about $32,000. Smartleaf Asset Management LLC boosted its stake in shares of Innovative Industrial Properties by 182.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 646 shares of the company’s stock worth $43,000 after acquiring an additional 417 shares in the last quarter. Sierra Ocean LLC acquired a new stake in shares of Innovative Industrial Properties during the 4th quarter valued at about $77,000. Finally, Principal Securities Inc. increased its stake in shares of Innovative Industrial Properties by 31.1% in the 4th quarter. Principal Securities Inc. now owns 1,192 shares of the company’s stock valued at $79,000 after purchasing an additional 283 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on IIPR. Industrial Alliance Securities set a $60.00 price target on Innovative Industrial Properties in a research report on Tuesday, March 18th. Compass Point reissued a “sell” rating and issued a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a research note on Monday, March 31st. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Finally, Roth Mkm cut their target price on shares of 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. Two analysts have rated the stock with a sell rating, four have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $85.00.

Innovative Industrial Properties Trading Up 2.0 %

Shares of IIPR opened at $53.47 on Friday. Innovative Industrial Properties, Inc. has a 52-week low of $49.51 and a 52-week high of $138.35. The stock has a market cap of $1.51 billion, a PE ratio of 9.67 and a beta of 1.59. The firm’s fifty day moving average is $68.91 and its two-hundred day moving average is $92.93. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16.

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

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a dividend of $1.90 per share. The ex-dividend date is Monday, March 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.21%. Innovative Industrial Properties’s dividend payout ratio is currently 137.43%.

Insider Activity

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the firm’s stock in a transaction on Monday, March 3rd. The stock was 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 owns 1,346 shares of the company’s stock, valued at $94,960.30. This trade represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 1.50% of the company’s stock.

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.