Creekmur Asset Management LLC Sells 3,672 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Creekmur Asset Management LLC trimmed its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 70.8% in the first quarter, according to its most recent filing with the SEC. The firm owned 1,513 shares of the company’s stock after selling 3,672 shares during the period. Creekmur Asset Management LLC’s holdings in Innovative Industrial Properties were worth $157,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Investors Research Corp grew its holdings in Innovative Industrial Properties by 2.6% during the fourth quarter. Investors Research Corp now owns 5,000 shares of the company’s stock valued at $504,000 after purchasing an additional 125 shares during the period. Nisa Investment Advisors LLC lifted its stake in Innovative Industrial Properties by 0.8% in the fourth quarter. Nisa Investment Advisors LLC now owns 18,123 shares of the company’s stock valued at $1,827,000 after buying an additional 144 shares in the last quarter. Guardian Asset Advisors LLC lifted its stake in Innovative Industrial Properties by 3.8% in the first quarter. Guardian Asset Advisors LLC now owns 3,974 shares of the company’s stock valued at $411,000 after buying an additional 145 shares in the last quarter. Mystic Asset Management Inc. lifted its stake in Innovative Industrial Properties by 6.8% in the first quarter. Mystic Asset Management Inc. now owns 3,464 shares of the company’s stock valued at $359,000 after buying an additional 220 shares in the last quarter. Finally, Virtu Financial LLC lifted its stake in Innovative Industrial Properties by 4.2% in the fourth quarter. Virtu Financial LLC now owns 5,733 shares of the company’s stock valued at $578,000 after buying an additional 230 shares in the last quarter. 70.58% of the stock is owned by institutional investors.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock traded down $0.75 on Wednesday, hitting $122.81. The company’s stock had a trading volume of 230,001 shares, compared to its average volume of 208,399. The company has a debt-to-equity ratio of 0.15, a quick ratio of 14.27 and a current ratio of 14.27. The stock’s 50 day moving average is $111.51 and its 200-day moving average is $103.02. Innovative Industrial Properties, Inc. has a fifty-two week low of $69.08 and a fifty-two week high of $125.44. The company has a market capitalization of $3.48 billion, a PE ratio of 21.64 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Wednesday, May 8th. The company reported $1.36 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.10 by ($0.74). The firm had revenue of $75.45 million for the quarter, compared to analyst estimates of $79.65 million. Innovative Industrial Properties had a return on equity of 8.46% and a net margin of 53.07%. Equities research analysts expect that Innovative Industrial Properties, Inc. will post 8.38 earnings per share for the current fiscal year.

Innovative Industrial Properties Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Investors of record on Friday, June 28th were given a dividend of $1.90 per share. The ex-dividend date was Thursday, June 27th. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.82. This represents a $7.60 annualized dividend and a yield of 6.19%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 133.33%.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm boosted their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Three research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties currently has an average rating of “Hold” and an average target price of $112.67.

About Innovative Industrial Properties

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.