Illinois Municipal Retirement Fund Sells 169 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Illinois Municipal Retirement Fund decreased its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.1% in the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 15,880 shares of the company’s stock after selling 169 shares during the period. Illinois Municipal Retirement Fund owned about 0.06% of Innovative Industrial Properties worth $1,601,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. Headlands Technologies LLC acquired a new stake in shares of Innovative Industrial Properties during the 3rd quarter valued at about $25,000. FNY Investment Advisers LLC bought a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at approximately $40,000. Global Retirement Partners LLC raised its holdings in shares of Innovative Industrial Properties by 67.6% in the 3rd quarter. Global Retirement Partners LLC now owns 796 shares of the company’s stock worth $58,000 after buying an additional 321 shares in the last quarter. Headinvest LLC bought a new position in shares of Innovative Industrial Properties during the 3rd quarter worth approximately $62,000. Finally, Independence Bank of Kentucky boosted its stake in Innovative Industrial Properties by 82.9% in the 4th quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock valued at $65,000 after buying an additional 290 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 0.2 %

Shares of IIPR opened at $97.71 on Friday. The stock has a fifty day moving average price of $97.65 and a two-hundred day moving average price of $90.66. The company has a debt-to-equity ratio of 0.16, a quick ratio of 14.22 and a current ratio of 14.22. The company has a market cap of $2.76 billion, a price-to-earnings ratio of 16.93 and a beta of 1.49. Innovative Industrial Properties, Inc. has a 52-week low of $64.56 and a 52-week high of $105.81.

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

Innovative Industrial Properties Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have issued reports on IIPR. Piper Sandler lifted their price objective on Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a report on Thursday, February 29th. TheStreet raised shares of Innovative Industrial Properties from a “c+” rating to a “b-” rating in a report on Wednesday, January 10th. Four equities research analysts have rated the stock with a hold rating, According to data from MarketBeat.com, the stock has a consensus 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.