American Assets Capital Advisers LLC Trims Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

American Assets Capital Advisers LLC reduced its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 43.3% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 63,351 shares of the company’s stock after selling 48,447 shares during the period. Innovative Industrial Properties accounts for about 2.6% of American Assets Capital Advisers LLC’s holdings, making the stock its 13th biggest position. American Assets Capital Advisers LLC owned about 0.22% of Innovative Industrial Properties worth $8,527,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently bought and sold shares of the company. Victory Capital Management Inc. boosted its stake in shares of Innovative Industrial Properties by 23.4% during the 3rd quarter. Victory Capital Management Inc. now owns 36,784 shares of the company’s stock worth $4,951,000 after purchasing an additional 6,977 shares during the last quarter. Versor Investments LP lifted its stake in shares of Innovative Industrial Properties by 98.3% during the 3rd quarter. Versor Investments LP now owns 12,227 shares of the company’s stock worth $1,646,000 after purchasing an additional 6,062 shares during the period. Crossmark Global Holdings Inc. boosted its holdings in shares of Innovative Industrial Properties by 21.8% during the third quarter. Crossmark Global Holdings Inc. now owns 2,539 shares of the company’s stock worth $341,000 after purchasing an additional 454 shares during the last quarter. Assetmark Inc. increased its stake in Innovative Industrial Properties by 18.6% in the third quarter. Assetmark Inc. now owns 6,836 shares of the company’s stock valued at $920,000 after purchasing an additional 1,073 shares during the last quarter. Finally, Verdence Capital Advisors LLC acquired a new position in Innovative Industrial Properties in the third quarter valued at $228,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock traded down $5.15 on Tuesday, hitting $102.59. 189,811 shares of the stock traded hands, compared to its average volume of 200,353. The company has a market capitalization of $2.91 billion, a PE ratio of 19.18 and a beta of 1.37. The company’s fifty day moving average is $129.41 and its 200 day moving average is $118.70. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 18.06. Innovative Industrial Properties, Inc. has a 1-year low of $73.04 and a 1-year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.13 by ($0.76). The company had revenue of $76.53 million for the quarter, compared to analyst estimates of $77.30 million. Innovative Industrial Properties had a net margin of 52.51% and a return on equity of 8.44%. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.29 EPS. On average, equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were paid a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a dividend yield of 7.41%. The ex-dividend date was Monday, September 30th. Innovative Industrial Properties’s dividend payout ratio is currently 135.23%.

Wall Street Analysts Forecast Growth

IIPR has been the subject of several recent analyst reports. Roth Capital upgraded Innovative Industrial Properties to a “strong-buy” rating in a report on Monday. Wolfe Research upgraded shares of Innovative Industrial Properties to a “hold” rating in a report on Monday, September 23rd. Compass Point raised shares of Innovative Industrial Properties from a “neutral” rating to a “buy” rating and set a $125.00 price target on the stock in a research note on Friday. Roth Mkm boosted their price objective on shares of Innovative Industrial Properties from $115.00 to $140.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Finally, Piper Sandler cut their target price on Innovative Industrial Properties from $120.00 to $118.00 and set a “neutral” rating on the stock in a research report on Friday. Two equities research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, Innovative Industrial Properties currently has a consensus rating of “Moderate Buy” and a consensus target price of $127.67.

Innovative Industrial Properties 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.