Callan Capital LLC Lowers Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Callan Capital LLC trimmed its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 68.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 14,610 shares of the company’s stock after selling 32,269 shares during the period. Callan Capital LLC’s holdings in Innovative Industrial Properties were worth $1,473,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Klein Pavlis & Peasley Financial Inc. acquired a new position in Innovative Industrial Properties in the 4th quarter valued at $1,472,000. Victory Capital Management Inc. increased its stake in shares of Innovative Industrial Properties by 250.7% during the 3rd quarter. Victory Capital Management Inc. now owns 16,712 shares of the company’s stock valued at $1,264,000 after acquiring an additional 11,947 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in Innovative Industrial Properties by 3.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 363,500 shares of the company’s stock worth $27,502,000 after purchasing an additional 12,026 shares in the last quarter. International Assets Investment Management LLC purchased a new position in Innovative Industrial Properties in the 4th quarter worth approximately $14,952,000. Finally, Campbell & CO Investment Adviser LLC boosted its holdings in Innovative Industrial Properties by 87.7% in the 3rd quarter. Campbell & CO Investment Adviser LLC now owns 12,988 shares of the company’s stock worth $983,000 after acquiring an additional 6,070 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

Shares of IIPR traded down $0.17 during mid-day trading on Friday, reaching $97.71. The company’s stock had a trading volume of 101,460 shares, compared to its average volume of 157,313. The stock has a market cap of $2.76 billion, a P/E ratio of 16.93 and a beta of 1.49. The business has a 50-day simple moving average of $97.76 and a two-hundred day simple moving average of $90.82. The company has a current ratio of 14.22, a quick ratio of 14.22 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a 1-year low of $64.56 and a 1-year high of $105.81.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, February 26th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.62). Innovative Industrial Properties had a return on equity of 8.54% and a net margin of 53.50%. The firm had revenue of $79.16 million for the quarter, compared to the consensus estimate of $76.55 million. As a group, equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.49 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a yield of 7.45%. The ex-dividend date of this dividend was Wednesday, March 27th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 126.17%.

Analysts Set New Price Targets

IIPR has been the topic of several research analyst reports. TheStreet upgraded Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research note on Wednesday, January 10th. Piper Sandler lifted their target price on Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $92.67.

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.