PFG Investments LLC Has $810,000 Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

PFG Investments LLC lowered its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 33.4% in the fourth quarter, HoldingsChannel reports. The institutional investor owned 12,160 shares of the company’s stock after selling 6,095 shares during the period. PFG Investments LLC’s holdings in Innovative Industrial Properties were worth $810,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. USA Financial Formulas acquired a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at $25,000. Canton Hathaway LLC acquired a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at $55,000. Loomis Sayles & Co. L P lifted its stake in shares of Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after purchasing an additional 407 shares during the last quarter. US Bancorp DE lifted 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 purchasing an additional 189 shares during the last quarter. Finally, GAMMA Investing LLC lifted its stake in shares of Innovative Industrial Properties by 46.3% in the 3rd quarter. GAMMA Investing LLC now owns 632 shares of the company’s stock valued at $85,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $67.98 on Wednesday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. The firm’s 50-day moving average is $84.56 and its 200-day moving average is $110.16. Innovative Industrial Properties, Inc. has a 52-week low of $62.45 and a 52-week high of $138.35. The company has a market cap of $1.93 billion, a price-to-earnings ratio of 12.10 and a beta of 1.39.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The business had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. During the same quarter last year, the firm posted $2.29 earnings per share. Innovative Industrial Properties’s revenue was down 1.7% on a year-over-year basis. Equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were given a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 annualized dividend and a dividend yield of 11.18%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 135.23%.

Analyst Ratings Changes

IIPR has been the topic of several recent analyst reports. Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Alliance Global Partners downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Monday, December 23rd. Piper Sandler downgraded shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and dropped their target price for the stock from $118.00 to $70.00 in a report on Friday, December 20th. JMP Securities reiterated a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Finally, BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a 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 given a strong buy rating to the company. Based on data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Hold” and a consensus price target of $104.50.

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.