Arizona State Retirement System Sells 143 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Arizona State Retirement System lessened its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 1.8% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 7,839 shares of the company’s stock after selling 143 shares during the period. Arizona State Retirement System’s holdings in Innovative Industrial Properties were worth $790,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently added to or reduced their stakes in IIPR. Headlands Technologies LLC bought a new position in Innovative Industrial Properties during the 3rd quarter worth $25,000. FNY Investment Advisers LLC bought a new position in Innovative Industrial Properties during the 4th quarter worth $40,000. Global Retirement Partners LLC increased its stake in Innovative Industrial Properties by 67.6% during the 3rd quarter. Global Retirement Partners LLC now owns 796 shares of the company’s stock worth $58,000 after acquiring an additional 321 shares during the period. Headinvest LLC bought a new position in shares of Innovative Industrial Properties in the 3rd quarter valued at $62,000. Finally, Independence Bank of Kentucky increased its stake in shares of Innovative Industrial Properties by 82.9% in the 4th quarter. Independence Bank of Kentucky now owns 640 shares of the company’s stock valued at $65,000 after purchasing an additional 290 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Trading Down 1.0 %

NYSE IIPR opened at $93.59 on Thursday. The company has a quick ratio of 14.22, a current ratio of 14.22 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a twelve month low of $63.36 and a twelve month high of $105.81. The company has a market cap of $2.64 billion, a price-to-earnings ratio of 16.22 and a beta of 1.49. The business’s fifty day moving average is $97.00 and its 200 day moving average is $89.80.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, February 26th. The company reported $1.45 earnings per share for the quarter, missing the consensus estimate of $2.07 by ($0.62). Innovative Industrial Properties had a net margin of 53.50% and a return on equity of 8.54%. The firm had revenue of $79.16 million for the quarter, compared to analyst estimates of $76.55 million. As a group, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.49 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were issued a dividend of $1.82 per share. This represents a $7.28 annualized dividend and a dividend yield of 7.78%. The ex-dividend date of this dividend was Wednesday, March 27th. Innovative Industrial Properties’s dividend payout ratio (DPR) is 126.17%.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on IIPR shares. Piper Sandler lifted their price target on Innovative Industrial Properties from $85.00 to $103.00 and gave the company a “neutral” rating in a research note on Thursday, February 29th. TheStreet upgraded Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research note on Wednesday, January 10th. Four investment analysts have rated the stock with a hold rating, According to MarketBeat, the company presently has an average rating of “Hold” and an average price target of $92.67.

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 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.