Wealthcare Advisory Partners LLC Lowers Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Wealthcare Advisory Partners LLC cut its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 32.0% in the fourth quarter, HoldingsChannel.com reports. The firm owned 4,127 shares of the company’s stock after selling 1,941 shares during the quarter. Wealthcare Advisory Partners LLC’s holdings in Innovative Industrial Properties were worth $275,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. American Century Companies Inc. boosted its stake in Innovative Industrial Properties by 10.0% in the 2nd quarter. American Century Companies Inc. now owns 15,554 shares of the company’s stock worth $1,699,000 after purchasing an additional 1,412 shares during the period. Federated Hermes Inc. boosted its position in shares of Innovative Industrial Properties by 138.1% during the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock worth $59,000 after acquiring an additional 312 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in Innovative Industrial Properties by 16.2% during the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after acquiring an additional 45,779 shares in the last quarter. Mercer Global Advisors Inc. ADV increased its holdings in Innovative Industrial Properties by 5.1% in the 2nd quarter. Mercer Global Advisors Inc. ADV now owns 6,148 shares of the company’s stock valued at $672,000 after acquiring an additional 300 shares during the last quarter. Finally, Vanguard Personalized Indexing Management LLC purchased a new stake in Innovative Industrial Properties in the 2nd quarter worth $239,000. 70.58% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the company. BTIG Research cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Monday, December 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Piper Sandler lowered shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and cut their target price for the company from $118.00 to $70.00 in a report on Friday, December 20th. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and decreased their price target for the company from $125.00 to $78.00 in a research note on Friday, December 20th. Finally, Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of “Hold” and an average target price of $104.50.

Innovative Industrial Properties Stock Up 2.6 %

NYSE IIPR opened at $69.87 on Wednesday. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 52 week low of $62.45 and a 52 week high of $138.35. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 12.43 and a beta of 1.39. The company has a fifty day moving average of $88.85 and a two-hundred day moving average of $111.97.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 EPS for the quarter, missing the consensus estimate of $2.13 by ($0.76). The firm had revenue of $76.53 million for the quarter, compared to the consensus estimate of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business’s revenue for the quarter was down 1.7% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.29 earnings per share. On average, analysts predict that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $1.90 dividend. The ex-dividend date was Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 10.88%. Innovative Industrial Properties’s payout ratio is 135.23%.

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.