Intech Investment Management LLC Cuts Stock Holdings in Innovative Industrial Properties, Inc. $IIPR

Intech Investment Management LLC reduced its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 44.1% during the third quarter, HoldingsChannel.com reports. The fund owned 28,237 shares of the company’s stock after selling 22,305 shares during the quarter. Intech Investment Management LLC’s holdings in Innovative Industrial Properties were worth $1,513,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Thrivent Financial for Lutherans lifted its position in shares of Innovative Industrial Properties by 20.7% in the second quarter. Thrivent Financial for Lutherans now owns 156,852 shares of the company’s stock worth $8,662,000 after buying an additional 26,847 shares in the last quarter. JPMorgan Chase & Co. increased its stake in Innovative Industrial Properties by 17.9% in the 2nd quarter. JPMorgan Chase & Co. now owns 178,271 shares of the company’s stock worth $9,844,000 after acquiring an additional 27,115 shares during the last quarter. Summit Global Investments purchased a new stake in shares of Innovative Industrial Properties during the 3rd quarter worth approximately $1,178,000. Allianz Asset Management GmbH boosted its position in shares of Innovative Industrial Properties by 71.6% during the 3rd quarter. Allianz Asset Management GmbH now owns 26,861 shares of the company’s stock valued at $1,439,000 after acquiring an additional 11,206 shares during the last quarter. Finally, Penserra Capital Management LLC boosted its position in shares of Innovative Industrial Properties by 77.1% during the 2nd quarter. Penserra Capital Management LLC now owns 18,476 shares of the company’s stock valued at $1,020,000 after acquiring an additional 8,044 shares during the last quarter. Institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Down 2.7%

NYSE IIPR opened at $55.13 on Friday. The company has a quick ratio of 4.38, a current ratio of 4.38 and a debt-to-equity ratio of 0.22. Innovative Industrial Properties, Inc. has a 52 week low of $44.58 and a 52 week high of $74.92. The firm has a market capitalization of $1.55 billion, a price-to-earnings ratio of 14.06 and a beta of 1.45. The company has a fifty day moving average of $49.45 and a two-hundred day moving average of $51.87.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Monday, February 23rd. The company reported $1.88 earnings per share for the quarter, beating the consensus estimate of $1.71 by $0.17. Innovative Industrial Properties had a net margin of 44.46% and a return on equity of 6.43%. The business had revenue of $66.66 million for the quarter, compared to the consensus estimate of $66.16 million. During the same quarter in the prior year, the firm posted $2.03 earnings per share. The business’s revenue for the quarter was down 13.1% on a year-over-year basis. On average, analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were paid a $1.90 dividend. The ex-dividend date of this dividend was Wednesday, December 31st. This represents a $7.60 annualized dividend and a yield of 13.8%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 193.88%.

Analyst Ratings Changes

Several equities research analysts recently weighed in on IIPR shares. Weiss Ratings cut shares of Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, January 28th. Piper Sandler lifted their price objective on shares of Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a research note on Wednesday, February 25th. Finally, Compass Point upgraded shares of Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 target price on the stock in a research report on Tuesday. Three research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Reduce” and a consensus target price of $51.75.

Innovative Industrial Properties Company 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.