Edgestream Partners L.P. Lowers Stock Holdings in Innovative Industrial Properties, Inc. $IIPR

Edgestream Partners L.P. lowered its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 75.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 30,584 shares of the company’s stock after selling 95,574 shares during the period. Edgestream Partners L.P.’s holdings in Innovative Industrial Properties were worth $1,534,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in shares of Innovative Industrial Properties by 4.6% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 540,742 shares of the company’s stock worth $25,610,000 after purchasing an additional 23,901 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Innovative Industrial Properties by 3,423.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company’s stock valued at $27,066,000 after buying an additional 524,284 shares during the period. Goldman Sachs Group Inc. raised its position in Innovative Industrial Properties by 26.2% during the 4th quarter. Goldman Sachs Group Inc. now owns 509,124 shares of the company’s stock worth $24,112,000 after buying an additional 105,569 shares during the last quarter. Invesco Ltd. raised its position in Innovative Industrial Properties by 12.1% during the 4th quarter. Invesco Ltd. now owns 493,507 shares of the company’s stock worth $23,372,000 after buying an additional 53,143 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in shares of Innovative Industrial Properties by 4.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 366,811 shares of the company’s stock worth $18,399,000 after acquiring an additional 16,444 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts have recently weighed in on the stock. Zacks Research downgraded shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a report on Tuesday, May 5th. Piper Sandler increased their price target on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an “underweight” rating in a report on Tuesday, July 21st. Finally, Weiss Ratings upgraded shares of Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a research report on Tuesday, May 26th. Three analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $48.00.

Innovative Industrial Properties Stock Down 0.4%

Innovative Industrial Properties stock opened at $58.59 on Tuesday. The stock’s 50 day moving average price is $60.96 and its 200 day moving average price is $55.05. Innovative Industrial Properties, Inc. has a 1-year low of $44.58 and a 1-year high of $65.38. The company has a market cap of $1.69 billion, a PE ratio of 14.98 and a beta of 1.38. The company has a debt-to-equity ratio of 0.20, a current ratio of 6.06 and a quick ratio of 6.06.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.02 by $0.34. The company had revenue of $63.31 million during the quarter, compared to analysts’ expectations of $67.09 million. Innovative Industrial Properties had a net margin of 45.58% and a return on equity of 6.62%. On average, sell-side analysts predict that Innovative Industrial Properties, Inc. will post 6.97 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, July 15th. Investors of record on Tuesday, June 30th were paid a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, June 30th. This represents a $7.60 annualized dividend and a yield of 13.0%. Innovative Industrial Properties’s payout ratio is presently 194.37%.

Innovative Industrial Properties Profile

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.