Pensionfund Sabic Lowers Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Pensionfund Sabic cut its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 69.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,704 shares of the company’s stock after selling 3,796 shares during the period. Pensionfund Sabic’s holdings in Innovative Industrial Properties were worth $307,000 at the end of the most recent reporting period.

A number of other large investors have also recently bought and sold shares of IIPR. BlackRock Inc. grew its position in Innovative Industrial Properties by 6.9% in the 4th quarter. BlackRock Inc. now owns 3,806,926 shares of the company’s stock valued at $697,162,000 after buying an additional 245,786 shares during the last quarter. Lord Abbett & CO. LLC purchased a new position in Innovative Industrial Properties in the 4th quarter valued at $30,996,000. Caas Capital Management LP purchased a new position in Innovative Industrial Properties in the 4th quarter valued at $29,363,000. Price T Rowe Associates Inc. MD grew its position in Innovative Industrial Properties by 1,149.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 128,851 shares of the company’s stock valued at $23,596,000 after buying an additional 118,536 shares during the last quarter. Finally, Squarepoint Ops LLC grew its position in Innovative Industrial Properties by 899.9% in the 3rd quarter. Squarepoint Ops LLC now owns 116,085 shares of the company’s stock valued at $14,407,000 after buying an additional 104,475 shares during the last quarter. Hedge funds and other institutional investors own 74.85% of the company’s stock.

In other news, Chairman Alan D. Gold sold 1,829 shares of Innovative Industrial Properties stock in a transaction on Wednesday, March 3rd. The stock was sold at an average price of $33.42, for a total transaction of $61,125.18. Following the completion of the transaction, the chairman now owns 53,271 shares of the company’s stock, valued at approximately $1,780,316.82. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Paul E. Smithers sold 2,000 shares of Innovative Industrial Properties stock in a transaction on Wednesday, March 17th. The stock was sold at an average price of $195.00, for a total value of $390,000.00. Following the transaction, the chief executive officer now directly owns 31,740 shares of the company’s stock, valued at approximately $6,189,300. The disclosure for this sale can be found here. Insiders have sold a total of 11,029 shares of company stock valued at $1,797,137 in the last ninety days. Corporate insiders own 2.90% of the company’s stock.

A number of research firms recently weighed in on IIPR. Compass Point lifted their price objective on shares of Innovative Industrial Properties from $180.00 to $220.00 and gave the company a “buy” rating in a research report on Friday, December 18th. Piper Sandler lifted their price objective on shares of Innovative Industrial Properties from $160.00 to $250.00 and gave the company an “overweight” rating in a research report on Wednesday, December 23rd. BTIG Research lifted their price objective on shares of Innovative Industrial Properties from $177.00 to $218.00 and gave the company a “buy” rating in a research report on Thursday, January 7th. LADENBURG THALM/SH SH downgraded Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a report on Wednesday, December 23rd. They noted that the move was a valuation call. Finally, Zacks Investment Research downgraded Innovative Industrial Properties from a “hold” rating to a “sell” rating in a report on Tuesday, March 2nd. One analyst has rated the stock with a sell rating, two have assigned a hold rating and five have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus target price of $188.63.

Innovative Industrial Properties stock opened at $189.52 on Thursday. Innovative Industrial Properties, Inc. has a one year low of $64.68 and a one year high of $222.08. The company has a debt-to-equity ratio of 0.11, a quick ratio of 458.27 and a current ratio of 458.27. The business has a fifty day moving average of $188.38 and a two-hundred day moving average of $168.12. The company has a market cap of $4.53 billion, a P/E ratio of 61.33 and a beta of 1.52.

Innovative Industrial Properties (NYSE:IIPR) last released its earnings results on Wednesday, February 24th. The company reported $0.91 EPS for the quarter, missing analysts’ consensus estimates of $1.47 by ($0.56). Innovative Industrial Properties had a net margin of 55.71% and a return on equity of 6.05%. Sell-side analysts predict that Innovative Industrial Properties, Inc. will post 4.93 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 15th. Stockholders of record on Wednesday, March 31st will be paid a dividend of $1.32 per share. This represents a $5.28 annualized dividend and a dividend yield of 2.79%. The ex-dividend date of this dividend is Tuesday, March 30th. This is an increase from Innovative Industrial Properties’s previous quarterly dividend of $1.24. Innovative Industrial Properties’s payout ratio is 161.47%.

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 medical-use 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.

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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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