Callan Capital LLC Cuts Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Callan Capital LLC reduced its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 68.8% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 14,610 shares of the company’s stock after selling 32,269 shares during the quarter. Callan Capital LLC owned approximately 0.05% of Innovative Industrial Properties worth $1,473,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in IIPR. Vontobel Holding Ltd. grew its holdings in shares of Innovative Industrial Properties by 10.9% in the 3rd quarter. Vontobel Holding Ltd. now owns 4,535 shares of the company’s stock worth $343,000 after acquiring an additional 447 shares during the period. AE Wealth Management LLC grew its stake in Innovative Industrial Properties by 9.9% in the third quarter. AE Wealth Management LLC now owns 4,347 shares of the company’s stock worth $329,000 after purchasing an additional 390 shares in the last quarter. Global Retirement Partners LLC grew its stake in Innovative Industrial Properties by 67.6% in the third quarter. Global Retirement Partners LLC now owns 796 shares of the company’s stock worth $58,000 after purchasing an additional 321 shares in the last quarter. SG Americas Securities LLC boosted its stake in Innovative Industrial Properties by 90.2% in the third quarter. SG Americas Securities LLC now owns 29,948 shares of the company’s stock valued at $2,266,000 after acquiring an additional 14,204 shares during the period. Finally, Flagship Harbor Advisors LLC raised its holdings in shares of Innovative Industrial Properties by 5.8% during the third quarter. Flagship Harbor Advisors LLC now owns 5,535 shares of the company’s stock valued at $419,000 after buying an additional 305 shares during the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

IIPR has been the topic of several analyst reports. Piper Sandler increased their target price on shares of Innovative Industrial Properties from $85.00 to $103.00 and gave the stock a “neutral” rating in a research report on Thursday, February 29th. TheStreet raised shares of Innovative Industrial Properties from a “c+” rating to a “b-” rating in a research note on Wednesday, January 10th. Four analysts have rated the stock with a hold rating, Based on data from MarketBeat, Innovative Industrial Properties has a consensus rating of “Hold” and an average target price of $92.67.

Innovative Industrial Properties Stock Down 0.2 %

Innovative Industrial Properties stock traded down $0.17 during mid-day trading on Friday, reaching $97.71. The stock had a trading volume of 101,460 shares, compared to its average volume of 157,313. The company has a debt-to-equity ratio of 0.16, a current ratio of 14.22 and a quick ratio of 14.22. The company has a market capitalization of $2.76 billion, a price-to-earnings ratio of 16.93 and a beta of 1.49. The company has a 50-day moving average price of $97.76 and a two-hundred day moving average price of $90.82. Innovative Industrial Properties, Inc. has a one year low of $64.56 and a one year high of $105.81.

Innovative Industrial Properties (NYSE:IIPR) last posted its earnings results on Monday, February 26th. The company reported $1.45 earnings per share for the quarter, missing analysts’ consensus estimates of $2.07 by ($0.62). The business had revenue of $79.16 million during the quarter, compared to analysts’ expectations of $76.55 million. Innovative Industrial Properties had a net margin of 53.50% and a return on equity of 8.54%. On average, 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 announced a quarterly dividend, which was paid on Monday, April 15th. Investors of record on Thursday, March 28th were given a $1.82 dividend. The ex-dividend date of this dividend was Wednesday, March 27th. This represents a $7.28 dividend on an annualized basis and a yield of 7.45%. Innovative Industrial Properties’s dividend payout ratio is currently 126.17%.

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.