AXS Investments LLC Sells 1,695 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

AXS Investments LLC trimmed its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 12.6% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 11,776 shares of the company’s stock after selling 1,695 shares during the quarter. AXS Investments LLC’s holdings in Innovative Industrial Properties were worth $1,187,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. Los Angeles Capital Management LLC bought a new position in shares of Innovative Industrial Properties in the fourth quarter worth about $946,000. Klein Pavlis & Peasley Financial Inc. acquired a new position in Innovative Industrial Properties during the 4th quarter worth $1,472,000. Victory Capital Management Inc. boosted its position in Innovative Industrial Properties by 250.7% in the 3rd quarter. Victory Capital Management Inc. now owns 16,712 shares of the company’s stock valued at $1,264,000 after buying an additional 11,947 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Innovative Industrial Properties by 3.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 363,500 shares of the company’s stock valued at $27,502,000 after buying an additional 12,026 shares during the period. Finally, International Assets Investment Management LLC bought a new stake in shares of Innovative Industrial Properties during the fourth quarter worth $14,952,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analysts Set New Price Targets

Separately, Piper Sandler raised their price target on Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a report on Thursday, February 29th.

Innovative Industrial Properties Trading Up 1.2 %

Shares of Innovative Industrial Properties stock traded up $1.27 during trading on Friday, hitting $109.23. 40,370 shares of the company were exchanged, compared to its average volume of 225,577. The company has a debt-to-equity ratio of 0.15, a current ratio of 14.27 and a quick ratio of 14.27. The firm has a market capitalization of $3.09 billion, a P/E ratio of 18.95 and a beta of 1.48. The firm’s fifty day moving average price is $102.79 and its 200 day moving average price is $95.31. Innovative Industrial Properties, Inc. has a 1-year low of $65.16 and a 1-year high of $115.75.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, February 26th. The company reported $1.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.62). The firm had revenue of $79.16 million for the quarter, compared to analyst estimates of $76.55 million. Innovative Industrial Properties had a net margin of 53.07% and a return on equity of 8.46%. As a group, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.5 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, April 15th. Shareholders of record on Thursday, March 28th were paid a $1.82 dividend. The ex-dividend date was Wednesday, March 27th. This represents a $7.28 dividend on an annualized basis and a yield of 6.66%. Innovative Industrial Properties’s payout ratio is 127.72%.

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.