Van ECK Associates Corp Decreases Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Van ECK Associates Corp lessened its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) by 36.4% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,601 shares of the company’s stock after selling 918 shares during the quarter. Van ECK Associates Corp’s holdings in Innovative Industrial Properties were worth $142,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in IIPR. Private Advisor Group LLC lifted its position in shares of Innovative Industrial Properties by 41.5% during the 1st quarter. Private Advisor Group LLC now owns 2,344 shares of the company’s stock worth $481,000 after purchasing an additional 687 shares during the last quarter. Bank of Montreal Can lifted its position in shares of Innovative Industrial Properties by 8.1% during the 1st quarter. Bank of Montreal Can now owns 9,019 shares of the company’s stock worth $1,893,000 after purchasing an additional 676 shares during the last quarter. MetLife Investment Management LLC lifted its position in shares of Innovative Industrial Properties by 55.5% during the 1st quarter. MetLife Investment Management LLC now owns 12,587 shares of the company’s stock worth $2,585,000 after purchasing an additional 4,492 shares during the last quarter. Rhumbline Advisers lifted its position in shares of Innovative Industrial Properties by 8.2% during the 1st quarter. Rhumbline Advisers now owns 64,743 shares of the company’s stock worth $13,298,000 after purchasing an additional 4,898 shares during the last quarter. Finally, Great West Life Assurance Co. Can lifted its position in shares of Innovative Industrial Properties by 6.5% during the 1st quarter. Great West Life Assurance Co. Can now owns 42,089 shares of the company’s stock worth $8,914,000 after purchasing an additional 2,556 shares during the last quarter. Hedge funds and other institutional investors own 73.71% of the company’s stock.

Innovative Industrial Properties Trading Down 16.9 %

NYSE IIPR opened at $92.09 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 24.10 and a current ratio of 24.10. The firm has a market cap of $2.58 billion, a PE ratio of 17.71 and a beta of 1.63. Innovative Industrial Properties, Inc. has a one year low of $87.47 and a one year high of $211.17. The firm’s fifty day moving average is $109.76 and its two-hundred day moving average is $101.96.

Innovative Industrial Properties (NYSE:IIPR – Get Rating) last posted its quarterly earnings data on Wednesday, November 2nd. The company reported $1.32 EPS for the quarter, missing analysts’ consensus estimates of $1.92 by ($0.60). The business had revenue of $70.88 million during the quarter, compared to analyst estimates of $68.60 million. Innovative Industrial Properties had a net margin of 53.43% and a return on equity of 7.92%. Analysts expect that Innovative Industrial Properties, Inc. will post 7.71 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, January 13th. Stockholders of record on Friday, December 30th were paid a dividend of $1.80 per share. The ex-dividend date was Thursday, December 29th. This represents a $7.20 dividend on an annualized basis and a dividend yield of 7.82%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 138.46%.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on IIPR shares. TheStreet raised shares of Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research report on Friday, December 9th. Craig Hallum boosted their price target on shares of Innovative Industrial Properties to $140.00 in a research report on Wednesday, November 16th. Roth Capital reduced their price target on shares of Innovative Industrial Properties from $190.00 to $170.00 in a research report on Wednesday, November 9th. StockNews.com raised shares of Innovative Industrial Properties from a “sell” rating to a “hold” rating in a research report on Friday, November 11th. Finally, Piper Sandler reduced their price target on shares of Innovative Industrial Properties from $135.00 to $117.00 and set an “overweight” rating for the company in a research report on Friday, October 7th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $166.67.

About Innovative Industrial Properties

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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.