Pictet Asset Management Holding SA Has $567,000 Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Pictet Asset Management Holding SA cut its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 3.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 8,512 shares of the company’s stock after selling 325 shares during the quarter. Pictet Asset Management Holding SA’s holdings in Innovative Industrial Properties were worth $567,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of IIPR. Nomura Asset Management Co. Ltd. raised its position in shares of Innovative Industrial Properties by 6.3% in the 4th quarter. Nomura Asset Management Co. Ltd. now owns 37,250 shares of the company’s stock worth $2,482,000 after acquiring an additional 2,200 shares in the last quarter. Norges Bank bought a new stake in Innovative Industrial Properties in the fourth quarter worth approximately $22,635,000. EntryPoint Capital LLC bought a new stake in Innovative Industrial Properties in the fourth quarter worth approximately $250,000. Segall Bryant & Hamill LLC lifted its stake in Innovative Industrial Properties by 1.7% in the fourth quarter. Segall Bryant & Hamill LLC now owns 50,485 shares of the company’s stock valued at $3,364,000 after buying an additional 836 shares during the period. Finally, Vanguard Group Inc. boosted its holdings in shares of Innovative Industrial Properties by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock worth $294,798,000 after buying an additional 64,908 shares in the last quarter. Institutional investors own 70.58% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on the stock. Roth Mkm dropped their target price on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research report on Friday, February 21st. Alliance Global Partners lowered shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Industrial Alliance Securities restated a “neutral” rating on shares of Innovative Industrial Properties in a research note on Tuesday, April 1st. Piper Sandler dropped their price target on Innovative Industrial Properties from $60.00 to $55.00 and set an “underweight” rating on the stock in a research note on Monday, March 31st. Finally, BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. Two research analysts have rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $85.00.

Innovative Industrial Properties Stock Performance

Shares of Innovative Industrial Properties stock opened at $47.68 on Wednesday. Innovative Industrial Properties, Inc. has a 52 week low of $47.08 and a 52 week high of $138.35. The company has a quick ratio of 11.53, a current ratio of 14.32 and a debt-to-equity ratio of 0.16. The business has a 50 day moving average price of $67.79 and a 200-day moving average price of $90.84. The company has a market cap of $1.35 billion, a PE ratio of 8.62 and a beta of 1.59.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, meeting analysts’ consensus estimates of $2.22. The business had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. Equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Shareholders of record on Monday, March 31st will be given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 15.94%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties’s payout ratio is 137.43%.

Insider Buying and Selling at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares in the company, valued at $94,960.30. This represents a 84.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 1.50% of the company’s stock.

About Innovative Industrial Properties

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.