Gemmer Asset Management LLC reduced its stake in Innovative Industrial Properties Inc (NYSE:IIPR) by 37.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 438 shares of the company’s stock after selling 262 shares during the period. Gemmer Asset Management LLC’s holdings in Innovative Industrial Properties were worth $54,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in IIPR. Virtu Financial LLC acquired a new position in shares of Innovative Industrial Properties during the 1st quarter valued at about $347,000. Stratos Wealth Partners LTD. acquired a new position in shares of Innovative Industrial Properties during the 1st quarter valued at about $205,000. PagnatoKarp Partners LLC acquired a new position in shares of Innovative Industrial Properties during the 1st quarter valued at about $296,000. American International Group Inc. increased its position in Innovative Industrial Properties by 43.0% during the 4th quarter. American International Group Inc. now owns 6,092 shares of the company’s stock worth $277,000 after purchasing an additional 1,833 shares in the last quarter. Finally, Bell Rock Capital LLC grew its position in Innovative Industrial Properties by 37.8% in the first quarter. Bell Rock Capital LLC now owns 24,649 shares of the company’s stock valued at $2,011,000 after acquiring an additional 6,764 shares in the last quarter. 61.44% of the stock is owned by institutional investors.
NYSE IIPR traded up $2.22 during trading hours on Friday, hitting $107.61. 305,726 shares of the company traded hands, compared to its average volume of 694,413. The stock has a 50-day simple moving average of $118.49. Innovative Industrial Properties Inc has a twelve month low of $31.61 and a twelve month high of $139.53. The company has a quick ratio of 209.93, a current ratio of 209.93 and a debt-to-equity ratio of 0.52. The stock has a market cap of $1.06 billion, a PE ratio of 80.31 and a beta of 2.02.
Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $0.34 EPS for the quarter. Innovative Industrial Properties had a return on equity of 4.97% and a net margin of 51.37%. The firm had revenue of $6.82 million during the quarter. As a group, research analysts forecast that Innovative Industrial Properties Inc will post 2.54 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a dividend of $0.60 per share. The ex-dividend date of this dividend was Thursday, June 27th. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $0.45. This represents a $2.40 annualized dividend and a yield of 2.23%. Innovative Industrial Properties’s dividend payout ratio is 179.10%.
Several equities research analysts have weighed in on IIPR shares. BTIG Research increased their target price on Innovative Industrial Properties to $148.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Zacks Investment Research downgraded Hancock Jaffe Laboratories from a “buy” rating to a “hold” rating in a research note on Wednesday, June 26th. One equities research analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. The company has a consensus rating of “Buy” and a consensus target price of $96.25.
In other Innovative Industrial Properties news, CEO Paul E. Smithers sold 2,000 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The stock was sold at an average price of $90.50, for a total value of $181,000.00. Following the sale, the chief executive officer now owns 45,565 shares in the company, valued at $4,123,632.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Brian J. Wolfe sold 3,181 shares of the company’s stock in a transaction that occurred on Friday, May 17th. The shares were sold at an average price of $89.01, for a total value of $283,140.81. Following the completion of the sale, the vice president now owns 14,955 shares in the company, valued at approximately $1,331,144.55. The disclosure for this sale can be found here. Corporate insiders own 5.20% 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 industrial properties leased to experienced, state-licensed operators for their regulated medical-use 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.
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