Tidal Investments LLC Sells 41,529 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Tidal Investments LLC reduced its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 18.5% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 182,947 shares of the company’s stock after selling 41,529 shares during the quarter. Tidal Investments LLC owned approximately 0.65% of Innovative Industrial Properties worth $24,625,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of the company. Focused Wealth Management Inc raised its stake in shares of Innovative Industrial Properties by 2.4% in the second quarter. Focused Wealth Management Inc now owns 3,953 shares of the company’s stock valued at $432,000 after acquiring an additional 93 shares during the period. Bristlecone Advisors LLC increased its stake in Innovative Industrial Properties by 0.8% in the 3rd quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock worth $1,696,000 after buying an additional 103 shares during the period. Dynamic Advisor Solutions LLC increased its stake in Innovative Industrial Properties by 2.4% in the 2nd quarter. Dynamic Advisor Solutions LLC now owns 5,322 shares of the company’s stock worth $581,000 after buying an additional 126 shares during the period. Signaturefd LLC increased its stake in Innovative Industrial Properties by 42.3% in the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock worth $55,000 after buying an additional 150 shares during the period. Finally, USA Financial Formulas purchased a new position in Innovative Industrial Properties in the 3rd quarter worth about $25,000. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Stock Performance

IIPR stock traded up $0.84 during trading on Thursday, reaching $105.15. The company had a trading volume of 16,275 shares, compared to its average volume of 202,480. The firm has a 50-day simple moving average of $119.08 and a 200-day simple moving average of $118.43. The company has a market cap of $2.98 billion, a price-to-earnings ratio of 18.56 and a beta of 1.31. The company has a debt-to-equity ratio of 0.15, a quick ratio of 11.53 and a current ratio of 11.53. Innovative Industrial Properties, Inc. has a twelve month low of $87.52 and a twelve month high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The business had revenue of $76.53 million for the quarter, compared to analysts’ expectations of $77.30 million. During the same period in the prior year, the business posted $2.29 earnings per share. The business’s quarterly revenue was down 1.7% compared to the same quarter last year. As a group, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, October 15th. Stockholders of record on Monday, September 30th were issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 7.23%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 135.23%.

Analyst Ratings Changes

IIPR has been the topic of several recent analyst reports. Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a research note on Friday, November 8th. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Piper Sandler dropped their target price on shares of Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Finally, Roth Capital upgraded shares of Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Two research analysts have rated the stock with a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties has an average rating of “Moderate Buy” and an average price target of $127.67.

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.