Corient Private Wealth LLC Has $1.02 Million Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Corient Private Wealth LLC reduced its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 19.9% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 15,285 shares of the company’s stock after selling 3,791 shares during the period. Corient Private Wealth LLC owned about 0.05% of Innovative Industrial Properties worth $1,019,000 at the end of the most recent quarter.

Other institutional investors also recently modified their holdings of the company. Pacer Advisors Inc. acquired a new stake in Innovative Industrial Properties during the 4th quarter worth approximately $42,006,000. Wellington Management Group LLP grew its holdings in Innovative Industrial Properties by 48.6% during the third quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after purchasing an additional 185,855 shares during the period. Cambiar Investors LLC increased its holdings in shares of Innovative Industrial Properties by 370.0% during the 4th quarter. Cambiar Investors LLC now owns 108,284 shares of the company’s stock worth $7,216,000 after acquiring an additional 85,244 shares during the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Innovative Industrial Properties by 25.8% in the fourth quarter. Bank of New York Mellon Corp now owns 378,644 shares of the company’s stock valued at $25,233,000 after purchasing an additional 77,552 shares during the last quarter. Finally, Empirical Asset Management LLC bought a new position in Innovative Industrial Properties in the 4th quarter valued at about $4,794,000. Institutional investors own 70.58% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Compass Point reduced their price target on shares of Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 18th. BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. JMP Securities reissued a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, Industrial Alliance Securities set a $60.00 price target on Innovative Industrial Properties in a research note on Tuesday, March 18th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Innovative Industrial Properties has an average rating of “Hold” and an average price target of $88.00.

Innovative Industrial Properties Price Performance

Shares of NYSE IIPR opened at $64.88 on Thursday. The stock has a fifty day moving average of $70.39 and a 200-day moving average of $96.10. The stock has a market cap of $1.84 billion, a PE ratio of 11.73 and a beta of 1.49. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. Innovative Industrial Properties, Inc. has a fifty-two week low of $61.72 and a fifty-two week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, meeting the consensus estimate of $2.22. The firm had revenue of $76.74 million for the quarter, compared to analysts’ expectations of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. Equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 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, April 15th. Stockholders of record on Monday, March 31st will be paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 11.71%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 137.43%.

Insider Transactions at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the business’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total transaction of $536,109.45. Following the sale, the director now owns 1,346 shares in the company, valued at approximately $94,960.30. The trade was a 84.95 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. 1.50% of the stock is currently owned by company insiders.

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.