Bank of New York Mellon Corp Sells 23,060 Shares of Innovative Industrial Properties, Inc. $IIPR

Bank of New York Mellon Corp cut its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 6.1% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 354,694 shares of the company’s stock after selling 23,060 shares during the quarter. Bank of New York Mellon Corp’s holdings in Innovative Industrial Properties were worth $19,586,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in IIPR. Millennium Management LLC raised its holdings in shares of Innovative Industrial Properties by 1,131.0% in the 1st quarter. Millennium Management LLC now owns 157,509 shares of the company’s stock valued at $8,520,000 after purchasing an additional 144,714 shares in the last quarter. Nuveen LLC bought a new position in Innovative Industrial Properties in the first quarter worth approximately $5,716,000. New Age Alpha Advisors LLC bought a new position in Innovative Industrial Properties in the first quarter worth approximately $2,921,000. Vanguard Group Inc. lifted its holdings in Innovative Industrial Properties by 1.0% during the first quarter. Vanguard Group Inc. now owns 4,469,353 shares of the company’s stock worth $241,747,000 after buying an additional 45,617 shares during the period. Finally, Jump Financial LLC boosted its position in Innovative Industrial Properties by 352.6% during the 1st quarter. Jump Financial LLC now owns 57,246 shares of the company’s stock valued at $3,096,000 after acquiring an additional 44,599 shares in the last quarter. Hedge funds and other institutional investors own 70.58% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Piper Sandler boosted their price target on Innovative Industrial Properties from $43.00 to $44.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 5th. Weiss Ratings lowered Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research note on Monday, November 10th. One investment analyst has rated the stock with a Buy rating, five have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $78.50.

Innovative Industrial Properties Price Performance

Shares of IIPR stock opened at $48.36 on Monday. Innovative Industrial Properties, Inc. has a fifty-two week low of $45.44 and a fifty-two week high of $112.82. The company has a debt-to-equity ratio of 0.19, a quick ratio of 2.75 and a current ratio of 2.75. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 11.46 and a beta of 1.64. The stock’s 50-day simple moving average is $53.83 and its 200-day simple moving average is $54.51.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, November 3rd. The company reported $1.71 EPS for the quarter, missing the consensus estimate of $1.73 by ($0.02). The company had revenue of $64.69 million during the quarter, compared to analysts’ expectations of $63.72 million. Innovative Industrial Properties had a net margin of 45.80% and a return on equity of 6.77%. The business’s revenue for the quarter was down 15.4% compared to the same quarter last year. During the same period in the previous year, the business earned $2.25 earnings per share. As a group, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Stockholders of record on Tuesday, September 30th were issued a dividend of $1.90 per share. The ex-dividend date of this dividend was Tuesday, September 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 15.7%. Innovative Industrial Properties’s payout ratio is 180.09%.

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.