Nisa Investment Advisors LLC Has $689,000 Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Nisa Investment Advisors LLC cut its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 6.4% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,006 shares of the company’s stock after selling 815 shares during the quarter. Nisa Investment Advisors LLC’s holdings in Innovative Industrial Properties were worth $689,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. PSI Advisors LLC increased its stake in Innovative Industrial Properties by 454.5% in the first quarter. PSI Advisors LLC now owns 610 shares of the company’s stock valued at $33,000 after purchasing an additional 500 shares in the last quarter. GF Fund Management CO. LTD. bought a new position in shares of Innovative Industrial Properties in the 4th quarter worth $34,000. Headlands Technologies LLC bought a new position in shares of Innovative Industrial Properties in the fourth quarter valued at $50,000. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Innovative Industrial Properties in the fourth quarter valued at $56,000. Finally, Pilgrim Partners Asia Pte Ltd bought a new position in shares of Innovative Industrial Properties in the fourth quarter valued at $57,000. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $54.01 on Wednesday. The firm’s 50-day simple moving average is $56.17 and its two-hundred day simple moving average is $61.36. Innovative Industrial Properties, Inc. has a 52 week low of $45.44 and a 52 week high of $138.35. The company has a debt-to-equity ratio of 0.15, a quick ratio of 10.73 and a current ratio of 10.73. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of 10.39 and a beta of 1.69.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results 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). Innovative Industrial Properties had a net margin of 50.30% and a return on equity of 8.01%. The business had revenue of $71.72 million during the quarter, compared to the consensus estimate of $72.20 million. During the same period last year, the firm earned $2.21 EPS. The business’s revenue for the quarter was down 5.7% on a year-over-year basis. As a group, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 14.07%. The ex-dividend date of this dividend was Monday, June 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 146.15%.

Analyst Ratings Changes

A number of research firms recently weighed in on IIPR. Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a research report on Tuesday, April 1st. Wolfe Research lowered shares of Innovative Industrial Properties from an “outperform” rating to a “peer perform” rating in a research report on Wednesday, July 2nd. Compass Point reissued a “sell” rating and set a $50.00 price target (down from $60.00) on shares of Innovative Industrial Properties in a research report on Monday, March 31st. Finally, Piper Sandler dropped their price target on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an “underweight” rating on the stock in a research report on Tuesday, April 15th. Two analysts have rated the stock with a sell rating, five have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus price target 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.