Innovative Industrial Properties, Inc. (NYSE:IIPR) Position Cut by Klein Pavlis & Peasley Financial Inc.

Klein Pavlis & Peasley Financial Inc. trimmed its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 4.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,777 shares of the company’s stock after selling 633 shares during the quarter. Innovative Industrial Properties comprises 1.4% of Klein Pavlis & Peasley Financial Inc.’s portfolio, making the stock its 27th largest holding. Klein Pavlis & Peasley Financial Inc.’s holdings in Innovative Industrial Properties were worth $1,720,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the business. USA Financial Formulas bought a new position in Innovative Industrial Properties during the 3rd quarter valued at $25,000. Blue Trust Inc. boosted its stake in Innovative Industrial Properties by 2,085.7% during the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company’s stock valued at $48,000 after purchasing an additional 438 shares in the last quarter. Signaturefd LLC boosted its stake in Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after purchasing an additional 150 shares in the last quarter. Federated Hermes Inc. boosted its stake in Innovative Industrial Properties by 138.1% during the 2nd quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after purchasing an additional 312 shares in the last quarter. Finally, Plato Investment Management Ltd bought a new stake in shares of Innovative Industrial Properties during the 1st quarter worth $80,000. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Price Performance

IIPR opened at $131.88 on Monday. The stock has a fifty day moving average of $129.15 and a 200-day moving average of $116.56. The firm has a market capitalization of $3.74 billion, a P/E ratio of 23.14 and a beta of 1.35. Innovative Industrial Properties, Inc. has a 12-month low of $69.08 and a 12-month high of $138.35. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Monday, August 5th. The company reported $1.44 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). The business had revenue of $79.79 million during the quarter, compared to analysts’ expectations of $77.18 million. Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. Innovative Industrial Properties’s revenue for the quarter was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.26 EPS. Equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a dividend of $1.90 per share. The ex-dividend date was Monday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 5.76%. Innovative Industrial Properties’s dividend payout ratio is 133.33%.

Analyst Upgrades and Downgrades

IIPR has been the subject of several research reports. Roth Mkm raised their price objective on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research note on Monday, September 23rd. Finally, Piper Sandler raised their price objective on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th.

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.