MONECO Advisors LLC Sells 356 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

MONECO Advisors LLC lowered its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.1% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 31,324 shares of the company’s stock after selling 356 shares during the period. MONECO Advisors LLC’s holdings in Innovative Industrial Properties were worth $4,216,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Bristlecone Advisors LLC lifted its holdings in shares of Innovative Industrial Properties by 0.8% in the third quarter. Bristlecone Advisors LLC now owns 12,600 shares of the company’s stock valued at $1,696,000 after purchasing an additional 103 shares in the last quarter. MCF Advisors LLC bought a new stake in Innovative Industrial Properties in the 3rd quarter valued at approximately $238,000. Mirae Asset Global Investments Co. Ltd. lifted its stake in Innovative Industrial Properties by 90.9% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 3,460 shares of the company’s stock valued at $470,000 after acquiring an additional 1,648 shares in the last quarter. Everence Capital Management Inc. boosted its position in Innovative Industrial Properties by 11.0% during the 3rd quarter. Everence Capital Management Inc. now owns 2,720 shares of the company’s stock worth $366,000 after acquiring an additional 270 shares during the last quarter. Finally, Blue Trust Inc. grew its stake in shares of Innovative Industrial Properties by 177.3% during the 3rd quarter. Blue Trust Inc. now owns 1,273 shares of the company’s stock worth $171,000 after acquiring an additional 814 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Down 0.6 %

Shares of NYSE IIPR traded down $0.86 during trading hours on Tuesday, hitting $132.61. The company had a trading volume of 2,610 shares, compared to its average volume of 192,945. Innovative Industrial Properties, Inc. has a 1-year low of $69.08 and a 1-year 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. The firm’s 50 day moving average is $129.15 and its 200-day moving average is $116.56. The stock has a market capitalization of $3.76 billion, a P/E ratio of 23.42 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly 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). The firm had revenue of $79.79 million during the quarter, compared to analyst estimates of $77.18 million. Innovative Industrial Properties had a net margin of 52.73% and a return on equity of 8.50%. The business’s revenue was up 4.4% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.26 EPS. On average, analysts expect that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 5.73%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 133.33%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on IIPR. Roth Mkm boosted their price objective 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. Wolfe Research raised shares of Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Finally, Piper Sandler raised their price objective on 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 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.