Koshinski Asset Management Inc. lowered its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) by 7.3% in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,110 shares of the company's stock after selling 167 shares during the quarter. Koshinski Asset Management Inc.'s holdings in Innovative Industrial Properties were worth $232,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the company. Personal CFO Solutions LLC raised its holdings in shares of Innovative Industrial Properties by 6.8% during the first quarter. Personal CFO Solutions LLC now owns 1,375 shares of the company's stock valued at $282,000 after acquiring an additional 88 shares during the last quarter. Salem Investment Counselors Inc. raised its holdings in shares of Innovative Industrial Properties by 9.6% during the first quarter. Salem Investment Counselors Inc. now owns 1,030 shares of the company's stock valued at $212,000 after acquiring an additional 90 shares during the last quarter. Crew Capital Management Ltd. raised its holdings in shares of Innovative Industrial Properties by 10.2% during the first quarter. Crew Capital Management Ltd. now owns 1,085 shares of the company's stock valued at $223,000 after acquiring an additional 100 shares during the last quarter. Equitable Holdings Inc. raised its holdings in shares of Innovative Industrial Properties by 11.1% during the first quarter. Equitable Holdings Inc. now owns 999 shares of the company's stock valued at $205,000 after acquiring an additional 100 shares during the last quarter. Finally, Flagship Harbor Advisors LLC raised its holdings in shares of Innovative Industrial Properties by 2.0% during the first quarter. Flagship Harbor Advisors LLC now owns 5,277 shares of the company's stock valued at $1,084,000 after acquiring an additional 103 shares during the last quarter. Institutional investors and hedge funds own 76.07% of the company's stock.
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Wall Street Analyst Weigh In
A number of brokerages have commented on IIPR. Craig Hallum reduced their target price on Innovative Industrial Properties from $175.00 to $125.00 in a report on Monday, July 18th. Piper Sandler cut their price target on Innovative Industrial Properties from $160.00 to $135.00 and set an "overweight" rating for the company in a report on Monday, August 8th. Compass Point raised Innovative Industrial Properties from a "neutral" rating to a "buy" rating and increased their price target for the company from $100.00 to $175.00 in a report on Monday, September 19th. BTIG Research cut their price target on Innovative Industrial Properties from $290.00 to $248.00 and set a "buy" rating for the company in a report on Friday, July 15th. Finally, TheStreet cut Innovative Industrial Properties from a "b-" rating to a "c+" rating in a research note on Monday, July 25th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, Innovative Industrial Properties has an average rating of "Moderate Buy" and a consensus price target of $166.60.
Insider Activity at Innovative Industrial Properties
In related news, Chairman Alan D. Gold bought 1,000 shares of the firm's stock in a transaction that occurred on Wednesday, August 10th. The stock was purchased at an average cost of $94.22 per share, for a total transaction of $94,220.00. Following the completion of the acquisition, the chairman now owns 212,308 shares in the company, valued at approximately $20,003,659.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through
this hyperlink. 1.50% of the stock is currently owned by company insiders.
Innovative Industrial Properties Trading Down 2.3 %
IIPR opened at $92.07 on Friday. Innovative Industrial Properties, Inc. has a 52 week low of $87.47 and a 52 week high of $288.02. The business has a fifty day simple moving average of $94.82 and a 200-day simple moving average of $130.00. The firm has a market cap of $2.58 billion, a P/E ratio of 18.12 and a beta of 1.63. The company has a quick ratio of 55.21, a current ratio of 55.21 and a debt-to-equity ratio of 0.15.
Innovative Industrial Properties (NYSE:IIPR – Get Rating) last released its quarterly earnings results on Wednesday, August 3rd. The company reported $1.42 EPS for the quarter, missing the consensus estimate of $1.86 by ($0.44). Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 54.07%. The firm had revenue of $70.51 million for the quarter, compared to analysts' expectations of $68.50 million. On average, equities analysts expect that Innovative Industrial Properties, Inc. will post 7.82 earnings per share for the current year.
Innovative Industrial Properties Increases Dividend
The business also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be issued a $1.80 dividend. The ex-dividend date of this dividend is Thursday, September 29th. This is a positive change from Innovative Industrial Properties's previous quarterly dividend of $1.75. This represents a $7.20 dividend on an annualized basis and a yield of 7.82%. Innovative Industrial Properties's dividend payout ratio (DPR) is 137.80%.
About Innovative Industrial Properties
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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 medical-use 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.
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