Mirae Asset Global Investments Co. Ltd. reduced its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) by 12.0% during the first quarter, HoldingsChannel reports. The firm owned 139,004 shares of the company’s stock after selling 18,920 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Innovative Industrial Properties were worth $28,552,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Stephens Inc. AR lifted its holdings in shares of Innovative Industrial Properties by 10.7% during the first quarter. Stephens Inc. AR now owns 2,236 shares of the company’s stock valued at $459,000 after purchasing an additional 216 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Innovative Industrial Properties by 1.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 285,444 shares of the company’s stock valued at $75,047,000 after acquiring an additional 4,593 shares during the period. Virginia Retirement Systems ET AL lifted its holdings in Innovative Industrial Properties by 1.0% in the first quarter. Virginia Retirement Systems ET AL now owns 20,000 shares of the company’s stock valued at $4,108,000 after acquiring an additional 200 shares during the period. Baldwin Brothers LLC MA bought a new position in Innovative Industrial Properties in the first quarter valued at about $67,000. Finally, Cooper Financial Group lifted its holdings in Innovative Industrial Properties by 13.9% in the first quarter. Cooper Financial Group now owns 3,065 shares of the company’s stock valued at $630,000 after acquiring an additional 373 shares during the period. 76.07% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research firms have weighed in on IIPR. Piper Sandler lowered their target price on Innovative Industrial Properties from $160.00 to $135.00 and set an “overweight” rating on the stock in a report on Monday, August 8th. JMP Securities decreased their price objective on Innovative Industrial Properties from $190.00 to $150.00 and set a “market outperform” rating on the stock in a research note on Tuesday, July 19th. BTIG Research decreased their price objective on Innovative Industrial Properties from $290.00 to $248.00 and set a “buy” rating on the stock in a research note on Friday, July 15th. Craig Hallum decreased their price objective on Innovative Industrial Properties from $175.00 to $125.00 in a research note on Monday, July 18th. Finally, Wolfe Research downgraded Innovative Industrial Properties from an “outperform” rating to a “market perform” rating in a research note on Tuesday, July 19th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $151.60.
Innovative Industrial Properties Stock Performance
Innovative Industrial Properties (NYSE:IIPR – Get Rating) last released its earnings results on Wednesday, August 3rd. The company reported $1.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.86 by ($0.44). Innovative Industrial Properties had a return on equity of 8.01% and a net margin of 54.07%. The business had revenue of $70.51 million for the quarter, compared to analysts’ expectations of $68.50 million. Equities research analysts forecast that Innovative Industrial Properties, Inc. will post 7.82 EPS for the current fiscal year.
Innovative Industrial Properties Increases Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 14th. Investors of record on Friday, September 30th will be given a dividend of $1.80 per share. The ex-dividend date is Thursday, September 29th. This represents a $7.20 annualized dividend and a dividend yield of 7.87%. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $1.75. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 137.80%.
Insider Buying and Selling at Innovative Industrial Properties
In other news, Chairman Alan D. Gold purchased 1,000 shares of the business’s stock in a transaction on Wednesday, August 10th. The stock was acquired at an average price of $94.22 per share, for a total transaction of $94,220.00. Following the acquisition, the chairman now directly owns 212,308 shares of the company’s stock, valued at approximately $20,003,659.76. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.50% of the stock is currently owned by company insiders.
Innovative Industrial Properties Company 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 medical-use 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.
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