Wedbush Securities Inc. Sells 1,511 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Wedbush Securities Inc. lessened its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 33.9% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 2,951 shares of the company’s stock after selling 1,511 shares during the period. Wedbush Securities Inc.’s holdings in Innovative Industrial Properties were worth $322,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Innovative Industrial Properties in the fourth quarter worth $31,116,000. Tidal Investments LLC boosted its stake in Innovative Industrial Properties by 1,465.1% in the first quarter. Tidal Investments LLC now owns 236,929 shares of the company’s stock valued at $24,532,000 after buying an additional 221,791 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Innovative Industrial Properties by 57.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 202,637 shares of the company’s stock valued at $20,430,000 after buying an additional 74,289 shares in the last quarter. LSV Asset Management boosted its stake in Innovative Industrial Properties by 124.4% in the first quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after buying an additional 56,200 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its stake in Innovative Industrial Properties by 253.7% in the first quarter. Russell Investments Group Ltd. now owns 44,038 shares of the company’s stock valued at $4,560,000 after buying an additional 31,587 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the company. Piper Sandler raised their price objective on Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a research note on Friday, August 9th. Roth Mkm lifted their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, July 22nd.

Innovative Industrial Properties Price Performance

Shares of IIPR opened at $129.16 on Friday. Innovative Industrial Properties, Inc. has a 1 year low of $69.08 and a 1 year high of $129.45. The company has a debt-to-equity ratio of 0.15, a current ratio of 18.06 and a quick ratio of 18.06. The company has a market capitalization of $3.66 billion, a price-to-earnings ratio of 22.66 and a beta of 1.35. The business has a 50-day moving average of $119.87 and a 200-day moving average of $109.34.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The company had revenue of $79.79 million for the quarter, compared to the consensus estimate of $77.18 million. During the same quarter last year, the business earned $2.26 earnings per share. Innovative Industrial Properties’s revenue was up 4.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.41 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th will be given a dividend of $1.90 per share. The ex-dividend date of this dividend is Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 5.88%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 133.33%.

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.