Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Vestcor Inc

Vestcor Inc decreased its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 79.6% during the 4th quarter, HoldingsChannel reports. The fund owned 5,189 shares of the company’s stock after selling 20,254 shares during the quarter. Vestcor Inc’s holdings in Innovative Industrial Properties were worth $346,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of IIPR. US Bancorp DE grew its stake in shares of Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after buying an additional 189 shares during the period. Crossmark Global Holdings Inc. lifted its holdings in Innovative Industrial Properties by 21.8% in the third quarter. Crossmark Global Holdings Inc. now owns 2,539 shares of the company’s stock valued at $341,000 after acquiring an additional 454 shares during the last quarter. Victory Capital Management Inc. grew its position in Innovative Industrial Properties by 23.4% in the third quarter. Victory Capital Management Inc. now owns 36,784 shares of the company’s stock worth $4,951,000 after acquiring an additional 6,977 shares during the period. KBC Group NV increased its stake in Innovative Industrial Properties by 28.2% during the third quarter. KBC Group NV now owns 940 shares of the company’s stock worth $127,000 after acquiring an additional 207 shares during the last quarter. Finally, Metis Global Partners LLC raised its position in Innovative Industrial Properties by 29.6% in the third quarter. Metis Global Partners LLC now owns 2,917 shares of the company’s stock valued at $393,000 after purchasing an additional 667 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently weighed in on IIPR shares. Compass Point cut Innovative Industrial Properties from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $125.00 to $78.00 in a report on Friday, December 20th. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a research report on Monday, December 16th. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. Piper Sandler dropped their target price on shares of Innovative Industrial Properties from $70.00 to $60.00 and set an “underweight” rating for the company in a report on Monday. Finally, BTIG Research lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. One investment analyst has rated the stock with a sell rating, five have given a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $99.50.

Insider Transactions at Innovative Industrial Properties

In related news, Director David Stecher sold 7,599 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the completion of the transaction, the director now owns 1,346 shares in the company, valued at $94,960.30. The trade was a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 1.50% of the company’s stock.

Innovative Industrial Properties Trading Down 7.6 %

Shares of IIPR stock opened at $64.36 on Tuesday. The stock has a market capitalization of $1.82 billion, a P/E ratio of 11.64 and a beta of 1.49. Innovative Industrial Properties, Inc. has a fifty-two week low of $62.45 and a fifty-two week high of $138.35. The company has a debt-to-equity ratio of 0.16, a quick ratio of 11.53 and a current ratio of 14.32. The company has a 50 day moving average price of $70.50 and a 200 day moving average price of $98.77.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share for the quarter, hitting analysts’ consensus estimates of $2.22. The business had revenue of $76.74 million for the quarter, compared to analyst estimates of $76.21 million. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. Equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be paid a $1.90 dividend. This represents a $7.60 annualized dividend and a dividend yield of 11.81%. The ex-dividend date is Monday, March 31st. Innovative Industrial Properties’s payout ratio is presently 137.43%.

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.