Flagship Harbor Advisors LLC Sells 193 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Flagship Harbor Advisors LLC decreased its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 3.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 5,253 shares of the company’s stock after selling 193 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Innovative Industrial Properties were worth $350,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of IIPR. JPMorgan Chase & Co. lifted its position in shares of Innovative Industrial Properties by 17.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 237,206 shares of the company’s stock worth $31,928,000 after purchasing an additional 35,269 shares during the last quarter. Barclays PLC lifted its holdings in shares of Innovative Industrial Properties by 187.5% during the third quarter. Barclays PLC now owns 47,988 shares of the company’s stock worth $6,459,000 after buying an additional 31,295 shares during the last quarter. Geode Capital Management LLC boosted its position in shares of Innovative Industrial Properties by 31.9% in the third quarter. Geode Capital Management LLC now owns 52,872 shares of the company’s stock valued at $7,133,000 after acquiring an additional 12,791 shares during the period. CWA Asset Management Group LLC bought a new position in Innovative Industrial Properties during the third quarter worth $713,000. Finally, Versor Investments LP raised its stake in Innovative Industrial Properties by 98.3% during the 3rd quarter. Versor Investments LP now owns 12,227 shares of the company’s stock valued at $1,646,000 after purchasing an additional 6,062 shares during the last quarter. 70.58% of the stock is owned by institutional investors.

Analyst Ratings Changes

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

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $66.35 on Thursday. The stock’s fifty day simple moving average is $83.78 and its 200 day simple moving average is $109.85. Innovative Industrial Properties, Inc. has a one year low of $62.45 and a one year high of $138.35. The firm has a market cap of $1.88 billion, a price-to-earnings ratio of 11.81 and a beta of 1.39. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last issued its 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). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The firm had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same quarter in the prior year, the firm posted $2.29 EPS. The firm’s revenue for the quarter was down 1.7% on a year-over-year basis. On average, analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 11.45%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is 135.23%.

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.