Sigma Planning Corp Trims Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Sigma Planning Corp cut its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 42.2% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 4,324 shares of the company’s stock after selling 3,153 shares during the quarter. Sigma Planning Corp’s holdings in Innovative Industrial Properties were worth $288,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of IIPR. Bogart Wealth LLC purchased a new position in Innovative Industrial Properties during the 4th quarter worth $27,000. Compass Financial Services Inc purchased a new position in shares of Innovative Industrial Properties during the fourth quarter valued at $32,000. Canton Hathaway LLC purchased a new position in Innovative Industrial Properties during the 3rd quarter valued at about $55,000. Loomis Sayles & Co. L P increased its position in Innovative Industrial Properties by 3,130.8% during the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after purchasing an additional 407 shares during the period. Finally, US Bancorp DE increased its position in Innovative Industrial Properties by 75.3% during the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after purchasing an additional 189 shares during the period. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

IIPR has been the topic of several research reports. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their price objective for the company from $118.00 to $70.00 in a report on Friday, December 20th. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Roth Mkm cut their target price 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, BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $102.00.

Innovative Industrial Properties Stock Down 0.9 %

Shares of IIPR stock opened at $71.86 on Friday. The stock’s fifty day moving average price is $70.09 and its 200 day moving average price is $103.23. Innovative Industrial Properties, Inc. has a 1-year low of $62.45 and a 1-year high of $138.35. The company has a market cap of $2.04 billion, a price-to-earnings ratio of 12.99 and a beta of 1.40. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.32 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last issued 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 business had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. On average, research analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 10.58%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is presently 137.43%.

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.