Pensionfund DSM Netherlands trimmed its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 21.3% in the first quarter, Holdings Channel reports. The fund owned 3,700 shares of the company’s stock after selling 1,000 shares during the period. Pensionfund DSM Netherlands’ holdings in Innovative Industrial Properties were worth $667,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Joseph P. Lucia & Associates LLC acquired a new position in Innovative Industrial Properties in the fourth quarter valued at about $27,000. Private Capital Group LLC acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth about $30,000. Inspire Advisors LLC acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth about $32,000. Wolff Wiese Magana LLC acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth about $37,000. Finally, SOA Wealth Advisors LLC. acquired a new position in shares of Innovative Industrial Properties during the fourth quarter worth about $43,000. 74.85% of the stock is owned by hedge funds and other institutional investors.
Several research firms have recently weighed in on IIPR. Compass Point upped their price objective on Innovative Industrial Properties from $180.00 to $220.00 and gave the stock a “buy” rating in a research report on Friday, December 18th. LADENBURG THALM/SH SH lowered Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Wednesday, December 23rd. They noted that the move was a valuation call. Piper Sandler upped their target price on Innovative Industrial Properties from $160.00 to $250.00 and gave the stock an “overweight” rating in a report on Wednesday, December 23rd. Zacks Investment Research lowered Innovative Industrial Properties from a “hold” rating to a “sell” rating in a report on Tuesday, March 2nd. Finally, JMP Securities upped their target price on Innovative Industrial Properties from $185.00 to $225.00 and gave the stock an “outperform” rating in a report on Friday, January 29th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and five have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $188.63.
Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Wednesday, February 24th. The company reported $0.91 EPS for the quarter, missing the consensus estimate of $1.47 by ($0.56). Innovative Industrial Properties had a net margin of 55.71% and a return on equity of 6.05%. As a group, equities research analysts predict that Innovative Industrial Properties, Inc. will post 4.93 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, April 15th. Investors of record on Wednesday, March 31st will be given a dividend of $1.32 per share. The ex-dividend date is Tuesday, March 30th. This represents a $5.28 dividend on an annualized basis and a yield of 2.79%. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.24. Innovative Industrial Properties’s dividend payout ratio is currently 161.47%.
In related news, Chairman Alan D. Gold sold 1,829 shares of the stock in a transaction that occurred on Wednesday, March 3rd. The stock was sold at an average price of $33.42, for a total transaction of $61,125.18. Following the sale, the chairman now owns 53,271 shares of the company’s stock, valued at $1,780,316.82. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Paul E. Smithers sold 2,000 shares of the firm’s stock in a transaction on Wednesday, March 17th. The shares were sold at an average price of $195.00, for a total value of $390,000.00. Following the completion of the sale, the chief executive officer now directly owns 31,740 shares in the company, valued at approximately $6,189,300. The disclosure for this sale can be found here. Insiders have sold 11,029 shares of company stock worth $1,797,137 in the last three months. 2.90% of the stock is currently owned by company insiders.
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 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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