Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Mercer Global Advisors Inc. ADV

Mercer Global Advisors Inc. ADV cut its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 8.6% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 6,460 shares of the company’s stock after selling 607 shares during the period. Mercer Global Advisors Inc. ADV’s holdings in Innovative Industrial Properties were worth $430,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of IIPR. Schonfeld Strategic Advisors LLC purchased a new position in Innovative Industrial Properties during the fourth quarter worth approximately $1,113,000. Northern Trust Corp increased its holdings in shares of Innovative Industrial Properties by 20.6% during the 4th quarter. Northern Trust Corp now owns 435,879 shares of the company’s stock worth $29,047,000 after buying an additional 74,342 shares during the last quarter. The Manufacturers Life Insurance Company raised its position in shares of Innovative Industrial Properties by 4.6% in the 4th quarter. The Manufacturers Life Insurance Company now owns 24,174 shares of the company’s stock worth $1,611,000 after buying an additional 1,068 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Innovative Industrial Properties by 9.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 24,519 shares of the company’s stock valued at $1,634,000 after acquiring an additional 2,180 shares during the last quarter. Finally, Pinebridge Investments L.P. grew its position in Innovative Industrial Properties by 4.3% during the fourth quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company’s stock valued at $312,000 after acquiring an additional 193 shares during the period. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the stock in a transaction that occurred 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 sale, the director now directly owns 1,346 shares in the company, valued at approximately $94,960.30. This represents a 84.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is owned by insiders.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock opened at $55.46 on Wednesday. The firm has a market cap of $1.55 billion, a PE ratio of 10.03 and a beta of 1.73. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $138.35. The firm’s 50-day simple moving average is $57.27 and its 200-day simple moving average is $76.70. 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 quarterly earnings data on Wednesday, May 7th. The company reported $1.94 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.06 by ($0.12). The firm had revenue of $71.72 million for the quarter, compared to analyst estimates of $72.20 million. Innovative Industrial Properties had a net margin of 52.40% and a return on equity of 8.39%. The company’s quarterly revenue was down 5.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.21 EPS. Equities 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 firm also recently disclosed a quarterly dividend, which was paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st were issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 13.70%. The ex-dividend date was Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is presently 146.15%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on IIPR. Compass Point restated a “sell” rating and issued a $50.00 price objective (down from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Industrial Alliance Securities reiterated a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Piper Sandler lowered their target price on Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating for the company in a research note on Tuesday, April 15th. Roth Mkm cut their price target on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Finally, Wolfe Research started coverage on Innovative Industrial Properties in a research note on Wednesday, April 23rd. They set an “outperform” rating and a $57.00 price objective for the company. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $78.67.

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.