Innovative Industrial Properties, Inc. (NYSE:IIPR) Position Cut by B. Riley Wealth Advisors Inc.

B. Riley Wealth Advisors Inc. lowered its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 10.5% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 4,364 shares of the company’s stock after selling 511 shares during the period. B. Riley Wealth Advisors Inc.’s holdings in Innovative Industrial Properties were worth $594,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. CWA Asset Management Group LLC bought a new position in Innovative Industrial Properties in the 3rd quarter worth about $713,000. Versor Investments LP grew its holdings in Innovative Industrial Properties by 98.3% in the 3rd quarter. Versor Investments LP now owns 12,227 shares of the company’s stock worth $1,646,000 after buying an additional 6,062 shares in the last quarter. Charles Schwab Investment Management Inc. increased its position in Innovative Industrial Properties by 2.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 457,374 shares of the company’s stock valued at $61,563,000 after acquiring an additional 10,711 shares during the period. TCW Group Inc. bought a new stake in Innovative Industrial Properties during the 3rd quarter valued at $2,572,000. Finally, Kestra Investment Management LLC acquired a new position in Innovative Industrial Properties during the 3rd quarter worth $2,332,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a report on Monday, November 11th. Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 target price on the stock in a research note on Friday, November 8th. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday. Alliance Global Partners began coverage on shares of Innovative Industrial Properties in a report on Tuesday. They issued a “buy” rating and a $130.00 price objective for the company. Finally, Piper Sandler dropped their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a report on Friday, November 8th. Three research analysts have rated the stock with a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Moderate Buy” and a consensus price target of $128.25.

Innovative Industrial Properties Stock Performance

Shares of IIPR opened at $98.06 on Thursday. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53. The firm’s 50 day moving average is $116.88 and its 200-day moving average is $118.40. Innovative Industrial Properties, Inc. has a 12-month low of $87.52 and a 12-month high of $138.35. The stock has a market capitalization of $2.78 billion, a P/E ratio of 17.45 and a beta of 1.30.

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 the consensus estimate 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 during the quarter, compared to analyst estimates of $77.30 million. During the same quarter last year, the firm posted $2.29 EPS. The company’s quarterly revenue was down 1.7% compared to the same quarter last year. Equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 7.75%. The ex-dividend date is Tuesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is 135.23%.

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.