Edgestream Partners L.P. Cuts Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Edgestream Partners L.P. lowered its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 80.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 5,200 shares of the company’s stock after selling 21,688 shares during the quarter. Edgestream Partners L.P.’s holdings in Innovative Industrial Properties were worth $700,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Innovative Industrial Properties by 1,054.5% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 62,065 shares of the company’s stock valued at $8,354,000 after buying an additional 56,689 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Innovative Industrial Properties by 16.2% in the second quarter. Dimensional Fund Advisors LP now owns 328,344 shares of the company’s stock valued at $35,862,000 after purchasing an additional 45,779 shares during the period. Jupiter Asset Management Ltd. increased its stake in shares of Innovative Industrial Properties by 279.1% during the second quarter. Jupiter Asset Management Ltd. now owns 47,343 shares of the company’s stock worth $5,171,000 after purchasing an additional 34,854 shares in the last quarter. Thrivent Financial for Lutherans raised its position in shares of Innovative Industrial Properties by 97.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 48,034 shares of the company’s stock worth $5,246,000 after purchasing an additional 23,709 shares during the last quarter. Finally, L & S Advisors Inc purchased a new position in Innovative Industrial Properties in the 3rd quarter valued at about $2,956,000. 70.58% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have commented on IIPR. Piper Sandler cut their price objective on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating for the company in a research note on Friday, November 8th. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Roth Capital raised shares of Innovative Industrial Properties to a “strong-buy” rating in a research note on Monday, November 11th. Finally, Compass Point upgraded shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price for the company in a research report on Friday, November 8th. Two analysts have rated the stock with a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $127.67.

Innovative Industrial Properties Stock Down 0.5 %

Shares of NYSE IIPR opened at $107.53 on Friday. The business’s 50 day moving average is $121.29 and its two-hundred day moving average is $118.51. 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 $84.61 and a 52-week high of $138.35. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of 19.13 and a beta of 1.30.

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

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 7.07%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

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.