Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by MRP Capital Investments LLC

MRP Capital Investments LLC decreased its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 28.1% during the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 1,930 shares of the company’s stock after selling 755 shares during the period. MRP Capital Investments LLC’s holdings in Innovative Industrial Properties were worth $129,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of IIPR. Victory Capital Management Inc. raised its holdings in Innovative Industrial Properties by 23.4% in the third quarter. Victory Capital Management Inc. now owns 36,784 shares of the company’s stock valued at $4,951,000 after buying an additional 6,977 shares during the period. KBC Group NV raised its stake in shares of Innovative Industrial Properties by 28.2% during the third quarter. KBC Group NV now owns 940 shares of the company’s stock valued at $127,000 after purchasing an additional 207 shares during the period. Thrivent Financial for Lutherans raised its stake in shares of Innovative Industrial Properties by 1.1% during the third quarter. Thrivent Financial for Lutherans now owns 48,539 shares of the company’s stock valued at $6,533,000 after purchasing an additional 505 shares during the period. Quest Partners LLC purchased a new stake in shares of Innovative Industrial Properties during the third quarter valued at approximately $95,000. Finally, Advisors Asset Management Inc. raised its stake in shares of Innovative Industrial Properties by 178.0% during the third quarter. Advisors Asset Management Inc. now owns 1,248 shares of the company’s stock valued at $168,000 after purchasing an additional 799 shares during the period. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Innovative Industrial Properties Price Performance

Shares of Innovative Industrial Properties stock opened at $63.40 on Friday. The company’s 50-day moving average price is $70.41 and its two-hundred day moving average price is $97.87. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.80 billion, a PE ratio of 11.46 and a beta of 1.49. Innovative Industrial Properties, Inc. has a 52 week low of $62.45 and a 52 week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, hitting the consensus estimate of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The firm had revenue of $76.74 million for the quarter, compared to the consensus estimate of $76.21 million. As a group, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Investors of record on Monday, March 31st will be paid a $1.90 dividend. The ex-dividend date of this dividend is Monday, March 31st. This represents a $7.60 annualized dividend and a dividend yield of 11.99%. Innovative Industrial Properties’s payout ratio is 137.43%.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the stock. BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research note on Monday, December 23rd. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a report on Monday, December 16th. Compass Point reduced their price target on shares of Innovative Industrial Properties from $78.00 to $60.00 and set a “neutral” rating for the company in a report on Tuesday. Roth Mkm cut their price objective on shares of Innovative Industrial Properties from $140.00 to $130.00 and set a “buy” rating on the stock in a research note on Friday, February 21st. Finally, Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $88.00.

Insider Activity at Innovative Industrial Properties

In other Innovative Industrial Properties news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction that occurred on Monday, March 3rd. The stock was sold at an average price of $70.55, for a total transaction of $536,109.45. Following the completion of the sale, the director now owns 1,346 shares of the company’s stock, valued at $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 1.50% of the stock is currently owned by company insiders.

Innovative Industrial Properties Company 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.