Kestra Investment Management LLC Sells 2,526 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Kestra Investment Management LLC decreased its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 14.6% in the 4th quarter, Holdings Channel reports. The firm owned 14,802 shares of the company’s stock after selling 2,526 shares during the quarter. Kestra Investment Management LLC’s holdings in Innovative Industrial Properties were worth $986,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Pacer Advisors Inc. bought a new position in Innovative Industrial Properties during the 4th quarter worth approximately $42,006,000. Wellington Management Group LLP raised its holdings in Innovative Industrial Properties by 48.6% during the 3rd quarter. Wellington Management Group LLP now owns 568,280 shares of the company’s stock worth $76,490,000 after purchasing an additional 185,855 shares during the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Innovative Industrial Properties by 2.4% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock worth $61,563,000 after purchasing an additional 10,711 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in 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. Finally, Principal Financial Group Inc. raised its holdings in Innovative Industrial Properties by 4.0% during the 4th quarter. Principal Financial Group Inc. now owns 151,394 shares of the company’s stock worth $10,089,000 after purchasing an additional 5,881 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $73.90 on Wednesday. The company has a fifty day simple moving average of $74.70 and a 200 day simple moving average of $105.41. Innovative Industrial Properties, Inc. has a 12-month low of $62.45 and a 12-month high of $138.35. The company has a current ratio of 11.53, a quick ratio of 11.53 and a debt-to-equity ratio of 0.15. The company has a market cap of $2.09 billion, a P/E ratio of 13.15 and a beta of 1.40.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, January 15th. Investors of record on Tuesday, December 31st were given a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 10.28%. The ex-dividend date was Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is currently 135.23%.

Analyst Upgrades and Downgrades

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

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.