Innovative Industrial Properties, Inc. (NYSE:IIPR) Position Reduced by American Assets Capital Advisers LLC

American Assets Capital Advisers LLC reduced its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 43.3% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 63,351 shares of the company’s stock after selling 48,447 shares during the period. Innovative Industrial Properties comprises approximately 2.6% of American Assets Capital Advisers LLC’s holdings, making the stock its 13th largest position. American Assets Capital Advisers LLC’s holdings in Innovative Industrial Properties were worth $8,527,000 at the end of the most recent reporting period.

A number of other large investors have also made changes to their positions in the company. USA Financial Formulas acquired a new position in shares of Innovative Industrial Properties in the third quarter worth $25,000. Blue Trust Inc. boosted its holdings in Innovative Industrial Properties by 2,085.7% in the second quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after purchasing an additional 438 shares in the last quarter. Signaturefd LLC increased its position in Innovative Industrial Properties by 42.3% during the second quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after buying an additional 150 shares during the last quarter. Federated Hermes Inc. raised its holdings in Innovative Industrial Properties by 138.1% during the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after buying an additional 312 shares in the last quarter. Finally, US Bancorp DE lifted its position in shares of Innovative Industrial Properties by 75.3% in the third quarter. US Bancorp DE now owns 440 shares of the company’s stock worth $59,000 after buying an additional 189 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR traded down $5.15 during trading on Tuesday, hitting $102.59. 189,811 shares of the stock were exchanged, compared to its average volume of 200,353. The company has a market capitalization of $2.91 billion, a price-to-earnings ratio of 19.18 and a beta of 1.37. Innovative Industrial Properties, Inc. has a 1-year low of $73.04 and a 1-year high of $138.35. The company’s fifty day simple moving average is $129.41 and its 200-day simple moving average is $118.70. The company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same period last year, the company earned $2.29 EPS. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. Sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 7.41%. The ex-dividend date of this dividend was Monday, September 30th. Innovative Industrial Properties’s payout ratio is 135.23%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on IIPR. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday. Roth Mkm lifted their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Compass Point upgraded Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research note on Friday. Finally, Piper Sandler dropped their price target on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research report on Friday. Two investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties 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.