Innovative Industrial Properties, Inc. $IIPR Shares Sold by Quantbot Technologies LP

Quantbot Technologies LP decreased its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 90.1% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 5,025 shares of the company’s stock after selling 45,738 shares during the quarter. Quantbot Technologies LP’s holdings in Innovative Industrial Properties were worth $269,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also recently added to or reduced their stakes in the business. Daiwa Securities Group Inc. increased its holdings in Innovative Industrial Properties by 2.1% in the 2nd quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company’s stock valued at $545,000 after purchasing an additional 207 shares in the last quarter. Bank of Montreal Can boosted its position in shares of Innovative Industrial Properties by 4.6% in the second quarter. Bank of Montreal Can now owns 5,259 shares of the company’s stock worth $290,000 after buying an additional 229 shares during the period. California State Teachers Retirement System boosted its position in shares of Innovative Industrial Properties by 1.0% in the second quarter. California State Teachers Retirement System now owns 26,152 shares of the company’s stock worth $1,444,000 after buying an additional 264 shares during the period. Amalgamated Bank grew its stake in shares of Innovative Industrial Properties by 3.4% in the third quarter. Amalgamated Bank now owns 8,270 shares of the company’s stock valued at $443,000 after buying an additional 275 shares in the last quarter. Finally, Centaurus Financial Inc. grew its stake in shares of Innovative Industrial Properties by 2.5% in the second quarter. Centaurus Financial Inc. now owns 12,942 shares of the company’s stock valued at $715,000 after buying an additional 312 shares in the last quarter. 70.58% of the stock is owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Down 1.8%

Shares of NYSE IIPR opened at $53.53 on Wednesday. Innovative Industrial Properties, Inc. has a 1 year low of $44.58 and a 1 year high of $72.83. The firm has a market cap of $1.51 billion, a price-to-earnings ratio of 13.66 and a beta of 1.45. The company has a debt-to-equity ratio of 0.22, a quick ratio of 4.38 and a current ratio of 4.38. The stock’s 50-day simple moving average is $49.69 and its 200-day simple moving average is $51.88.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings results on Monday, February 23rd. The company reported $1.88 EPS for the quarter, topping the consensus estimate of $1.71 by $0.17. Innovative Industrial Properties had a return on equity of 6.43% and a net margin of 44.46%.The business had revenue of $66.66 million for the quarter, compared to analysts’ expectations of $66.16 million. During the same quarter in the previous year, the firm posted $2.03 earnings per share. The company’s revenue was down 13.1% compared to the same quarter last year. As a group, equities analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.2%. The ex-dividend date of this dividend was Wednesday, December 31st. Innovative Industrial Properties’s dividend payout ratio is presently 193.88%.

Wall Street Analyst Weigh In

IIPR has been the topic of several recent research reports. Compass Point raised Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price target on the stock in a research report on Tuesday, March 3rd. Piper Sandler increased their price objective on shares of Innovative Industrial Properties from $44.00 to $45.00 and gave the company an “underweight” rating in a research report on Wednesday, February 25th. Finally, Weiss Ratings lowered shares of Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Wednesday, January 28th. Three analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and an average price target of $51.75.

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.