Kennedy Capital Management LLC Decreases Stock Holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Kennedy Capital Management LLC trimmed its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 32.7% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 48,231 shares of the company’s stock after selling 23,387 shares during the quarter. Kennedy Capital Management LLC owned about 0.17% of Innovative Industrial Properties worth $4,994,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the company. Vanguard Group Inc. lifted its position in shares of Innovative Industrial Properties by 0.6% during the first quarter. Vanguard Group Inc. now owns 4,410,907 shares of the company’s stock valued at $456,705,000 after buying an additional 28,111 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Innovative Industrial Properties by 4.2% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 378,945 shares of the company’s stock valued at $38,205,000 after acquiring an additional 15,445 shares in the last quarter. Norges Bank acquired a new position in shares of Innovative Industrial Properties during the fourth quarter valued at about $31,116,000. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Innovative Industrial Properties by 18.0% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,159 shares of the company’s stock valued at $21,242,000 after acquiring an additional 31,313 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its holdings in shares of Innovative Industrial Properties by 57.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 202,637 shares of the company’s stock valued at $20,430,000 after acquiring an additional 74,289 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Separately, Roth Mkm upped their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Three equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $112.67.

Innovative Industrial Properties Stock Up 0.0 %

Shares of IIPR traded up $0.04 during mid-day trading on Tuesday, hitting $123.56. 130,938 shares of the company traded hands, compared to its average volume of 208,230. Innovative Industrial Properties, Inc. has a 1-year low of $69.08 and a 1-year high of $124.30. The business has a 50 day moving average of $111.29 and a 200 day moving average of $102.81. The company has a quick ratio of 14.27, a current ratio of 14.27 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $3.50 billion, a PE ratio of 21.68 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, May 8th. The company reported $1.36 earnings per share for the quarter, missing the consensus estimate of $2.10 by ($0.74). Innovative Industrial Properties had a return on equity of 8.46% and a net margin of 53.07%. The business had revenue of $75.45 million during the quarter, compared to analyst estimates of $79.65 million. Equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.38 EPS for the current year.

Innovative Industrial Properties Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were issued a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 6.15%. The ex-dividend date of this dividend was Thursday, June 27th. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.82. Innovative Industrial Properties’s dividend payout ratio is 133.33%.

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.