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

Creekmur Asset Management LLC trimmed its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 53.3% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor 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.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in IIPR. USA Financial Formulas purchased a new stake in Innovative Industrial Properties in the third quarter worth about $25,000. Blue Trust Inc. grew its stake in shares of Innovative Industrial Properties by 2,085.7% in the 2nd quarter. Blue Trust Inc. now owns 459 shares of the company’s stock worth $48,000 after buying an additional 438 shares during the last quarter. Signaturefd LLC increased its position in Innovative Industrial Properties by 42.3% during the 2nd quarter. Signaturefd LLC now owns 505 shares of the company’s stock valued at $55,000 after buying an additional 150 shares in the last quarter. Federated Hermes Inc. raised its stake in Innovative Industrial Properties by 138.1% during the second quarter. Federated Hermes Inc. now owns 538 shares of the company’s stock valued at $59,000 after buying an additional 312 shares during the last quarter. Finally, Plato Investment Management Ltd purchased a new stake in shares of Innovative Industrial Properties in the first quarter worth $80,000. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $133.50 on Wednesday. Innovative Industrial Properties, Inc. has a one year low of $69.62 and a one year 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 company has a debt-to-equity ratio of 0.15, a quick ratio of 18.06 and a current ratio of 18.06. The company has a market capitalization of $3.78 billion, a price-to-earnings ratio of 23.46 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, August 5th. The company reported $1.44 earnings per share for the quarter, missing the consensus estimate 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 company had revenue of $79.79 million for the quarter, compared to analysts’ expectations of $77.18 million. During the same period in the previous year, the firm earned $2.26 earnings per share. The firm’s revenue for the quarter was up 4.4% on a year-over-year basis. On average, sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.47 EPS for the current year.

Innovative Industrial Properties Announces Dividend

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

Wall Street Analysts Forecast Growth

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

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.