Pictet Asset Management Holding SA Sells 325 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Pictet Asset Management Holding SA cut its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 3.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 8,512 shares of the company’s stock after selling 325 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Innovative Industrial Properties were worth $567,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Roberts Glore & Co. Inc. IL raised its stake in Innovative Industrial Properties by 4.6% in the 4th quarter. Roberts Glore & Co. Inc. IL now owns 3,920 shares of the company’s stock valued at $261,000 after acquiring an additional 172 shares during the period. Avantax Advisory Services Inc. increased its stake in shares of Innovative Industrial Properties by 2.1% in the fourth quarter. Avantax Advisory Services Inc. now owns 9,543 shares of the company’s stock worth $636,000 after purchasing an additional 192 shares in the last quarter. Baader Bank Aktiengesellschaft raised its position in shares of Innovative Industrial Properties by 3.6% in the fourth quarter. Baader Bank Aktiengesellschaft now owns 5,700 shares of the company’s stock valued at $378,000 after purchasing an additional 200 shares during the period. Captrust Financial Advisors lifted its stake in shares of Innovative Industrial Properties by 11.6% during the 3rd quarter. Captrust Financial Advisors now owns 2,050 shares of the company’s stock valued at $276,000 after buying an additional 213 shares in the last quarter. Finally, American Century Companies Inc. boosted its holdings in Innovative Industrial Properties by 1.7% in the 4th quarter. American Century Companies Inc. now owns 16,158 shares of the company’s stock worth $1,077,000 after buying an additional 270 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Down 8.5 %

Shares of NYSE IIPR opened at $47.68 on Wednesday. The business has a 50-day moving average of $67.79 and a 200-day moving average of $90.84. The firm has a market capitalization of $1.35 billion, a price-to-earnings ratio of 8.62 and a beta of 1.59. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a 12 month low of $47.08 and a 12 month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting 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 firm had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. Sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 15.94%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties’s payout ratio is currently 137.43%.

Insider Activity

In other news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the sale, the director now owns 1,346 shares of the company’s stock, 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 is accessible through this link. Corporate insiders own 1.50% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Compass Point reissued a “sell” rating and set a $50.00 target price (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Roth Mkm dropped their price objective on Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a report on Friday, February 21st. JMP Securities restated a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Finally, Piper Sandler reduced their price objective on shares of Innovative Industrial Properties from $60.00 to $55.00 and set an “underweight” rating for the company in a research note on Monday, March 31st. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Innovative Industrial Properties has an average rating of “Hold” and a consensus target price of $85.00.

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.