Pensionfund Sabic Sells 1,000 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Pensionfund Sabic lowered its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 18.5% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,404 shares of the company’s stock after selling 1,000 shares during the quarter. Pensionfund Sabic’s holdings in Innovative Industrial Properties were worth $593,000 as of its most recent SEC filing.

Other hedge funds also recently modified their holdings of the company. USA Financial Formulas acquired a new position in Innovative Industrial Properties in the third quarter worth about $25,000. Hoxton Planning & Management LLC acquired a new position in shares of Innovative Industrial Properties in the 3rd quarter worth approximately $233,000. Dynamic Advisor Solutions LLC lifted its position in shares of Innovative Industrial Properties by 3.2% during the 3rd quarter. Dynamic Advisor Solutions LLC now owns 5,490 shares of the company’s stock worth $739,000 after buying an additional 168 shares during the period. GAMMA Investing LLC boosted its stake in Innovative Industrial Properties by 46.3% in the 3rd quarter. GAMMA Investing LLC now owns 632 shares of the company’s stock valued at $85,000 after buying an additional 200 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Innovative Industrial Properties in the third quarter valued at $155,000. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR opened at $129.41 on Friday. The company has a current ratio of 18.06, a quick ratio of 18.06 and a debt-to-equity ratio of 0.15. Innovative Industrial Properties, Inc. has a 1-year low of $69.08 and a 1-year high of $138.35. The stock has a market capitalization of $3.67 billion, a P/E ratio of 22.70 and a beta of 1.35. The business has a 50-day moving average price of $125.45 and a two-hundred day moving average price of $114.01.

Innovative Industrial Properties (NYSE:IIPR) last released its 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). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The business had revenue of $79.79 million for the quarter, compared to analyst estimates of $77.18 million. During the same period in the prior year, the firm posted $2.26 EPS. Innovative Industrial Properties’s revenue was up 4.4% on a year-over-year basis. Equities analysts predict that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 15th. Shareholders of record on Monday, September 30th will be issued a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 5.87%. The ex-dividend date of this dividend is Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 133.33%.

Wall Street Analysts Forecast Growth

IIPR has been the topic of several analyst reports. Roth Mkm upped their target price on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Piper Sandler upped their price objective 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 upgraded shares of Innovative Industrial Properties to a “hold” rating in a research note 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.