Creekmur Asset Management LLC Trims Stake in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Creekmur Asset Management LLC reduced its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 53.3% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 293 shares of the company’s stock after selling 335 shares during the quarter. Creekmur Asset Management LLC’s holdings in Innovative Industrial Properties were worth $39,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of IIPR. HB Wealth Management LLC bought a new stake in shares of Innovative Industrial Properties during the 1st quarter valued at $492,000. Private Advisor Group LLC raised its holdings in Innovative Industrial Properties by 1.7% during the first quarter. Private Advisor Group LLC now owns 15,817 shares of the company’s stock valued at $1,638,000 after acquiring an additional 259 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its position in shares of Innovative Industrial Properties by 18.0% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,159 shares of the company’s stock valued at $21,242,000 after acquiring an additional 31,313 shares in the last quarter. BNP Paribas Financial Markets boosted its stake in shares of Innovative Industrial Properties by 17.1% in the first quarter. BNP Paribas Financial Markets now owns 14,397 shares of the company’s stock worth $1,491,000 after acquiring an additional 2,098 shares during the period. Finally, Daiwa Securities Group Inc. grew its position in shares of Innovative Industrial Properties by 7.7% during the first quarter. Daiwa Securities Group Inc. now owns 9,116 shares of the company’s stock worth $944,000 after purchasing an additional 649 shares in the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently commented on the company. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Roth Mkm upped their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, Piper Sandler lifted their price target on shares of Innovative Industrial Properties from $110.00 to $120.00 and gave the company a “neutral” rating in a report on Friday, August 9th.

Innovative Industrial Properties Price Performance

Shares of Innovative Industrial Properties stock opened at $133.50 on Wednesday. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 12 month low of $69.62 and a 12 month high of $138.35. The stock has a 50 day moving average of $129.71 and a 200 day moving average of $117.05. The firm has a market cap of $3.78 billion, a PE ratio of 23.46 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The firm had revenue of $79.79 million for the quarter, compared to the consensus estimate of $77.18 million. During the same quarter in the prior year, the company posted $2.26 earnings per share. The firm’s revenue was up 4.4% compared to the same quarter last year. On average, research analysts expect that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were given a $1.90 dividend. The ex-dividend date was Monday, September 30th. This represents a $7.60 annualized dividend and a yield of 5.69%. Innovative Industrial Properties’s dividend payout ratio is currently 133.33%.

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.