Patriot Financial Group Insurance Agency LLC Sells 440 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Patriot Financial Group Insurance Agency LLC trimmed its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 6.5% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 6,369 shares of the company’s stock after selling 440 shares during the period. Patriot Financial Group Insurance Agency LLC’s holdings in Innovative Industrial Properties were worth $857,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. LSV Asset Management boosted its position in Innovative Industrial Properties by 124.4% during the 1st quarter. LSV Asset Management now owns 101,373 shares of the company’s stock valued at $10,496,000 after acquiring an additional 56,200 shares in the last quarter. Prevail Innovative Wealth Advisors LLC bought a new stake in Innovative Industrial Properties during the 1st quarter valued at approximately $2,046,000. SG Americas Securities LLC boosted its position in Innovative Industrial Properties by 75.7% during the 1st quarter. SG Americas Securities LLC now owns 19,573 shares of the company’s stock valued at $2,027,000 after acquiring an additional 8,436 shares in the last quarter. Texas Permanent School Fund Corp boosted its position in Innovative Industrial Properties by 1.4% during the 1st quarter. Texas Permanent School Fund Corp now owns 24,540 shares of the company’s stock valued at $2,541,000 after acquiring an additional 328 shares in the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. boosted its position in Innovative Industrial Properties by 18.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 205,159 shares of the company’s stock valued at $21,242,000 after acquiring an additional 31,313 shares in the last quarter. 70.58% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several analysts have weighed in on the company. Wolfe Research raised Innovative Industrial Properties to a “hold” rating in a research report on Monday, September 23rd. Roth Mkm boosted their price target on Innovative Industrial Properties from $115.00 to $140.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Finally, Piper Sandler boosted their price target on Innovative Industrial Properties from $110.00 to $120.00 and gave the stock a “neutral” rating in a research report on Friday, August 9th.

Innovative Industrial Properties Stock Performance

Shares of IIPR opened at $133.51 on Tuesday. The company has a quick ratio of 18.06, a current ratio of 18.06 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average price is $129.15 and its 200-day moving average price is $116.56. Innovative Industrial Properties, Inc. has a 52 week low of $69.08 and a 52 week high of $138.35. The stock has a market cap of $3.78 billion, a P/E ratio of 23.42 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings results on Monday, August 5th. The company reported $1.44 EPS for the quarter, missing analysts’ consensus estimates of $2.08 by ($0.64). Innovative Industrial Properties had a return on equity of 8.50% and a net margin of 52.73%. The company had revenue of $79.79 million during the quarter, compared to the consensus estimate of $77.18 million. During the same period in the prior year, the firm earned $2.26 earnings per share. The business’s revenue for the quarter was up 4.4% compared to the same quarter last year. Equities research analysts anticipate that Innovative Industrial Properties, Inc. will post 8.47 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, October 15th. Investors of record on Monday, September 30th were issued a $1.90 dividend. The ex-dividend date was Monday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 5.69%. Innovative Industrial Properties’s payout ratio is currently 133.33%.

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.