Innovative Industrial Properties, Inc. $IIPR Shares Sold by Exchange Traded Concepts LLC

Exchange Traded Concepts LLC cut its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 26.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 29,458 shares of the company’s stock after selling 10,795 shares during the quarter. Exchange Traded Concepts LLC’s holdings in Innovative Industrial Properties were worth $1,578,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of IIPR. AdvisorNet Financial Inc boosted its position in Innovative Industrial Properties by 50.3% during the second quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock worth $31,000 after acquiring an additional 187 shares during the last quarter. Daiwa Securities Group Inc. grew its position in shares of Innovative Industrial Properties by 2.1% in the second quarter. Daiwa Securities Group Inc. now owns 9,878 shares of the company’s stock valued at $545,000 after purchasing an additional 207 shares during the period. Bank of Montreal Can increased its stake in Innovative Industrial Properties by 4.6% in the second quarter. Bank of Montreal Can now owns 5,259 shares of the company’s stock valued at $290,000 after purchasing an additional 229 shares during the last quarter. California State Teachers Retirement System increased its stake in Innovative Industrial Properties by 1.0% in the second quarter. California State Teachers Retirement System now owns 26,152 shares of the company’s stock valued at $1,444,000 after purchasing an additional 264 shares during the last quarter. Finally, Centaurus Financial Inc. lifted its position in Innovative Industrial Properties by 2.5% during the second quarter. Centaurus Financial Inc. now owns 12,942 shares of the company’s stock worth $715,000 after buying an additional 312 shares during the period. Institutional investors and hedge funds own 70.58% of the company’s stock.

Wall Street Analysts Forecast Growth

IIPR has been the subject of several recent analyst reports. Piper Sandler lifted their price target on Innovative Industrial Properties from $43.00 to $44.00 and gave the company an “underweight” rating in a report on Wednesday, November 5th. Weiss Ratings reissued a “hold (c-)” rating on shares of Innovative Industrial Properties in a research report on Monday. One investment analyst has rated the stock with a Buy rating, three have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Reduce” and an average price target of $68.20.

Insider Buying and Selling

In other Innovative Industrial Properties news, Chairman Alan D. Gold bought 2,600 shares of the business’s stock in a transaction dated Monday, November 24th. The shares were acquired at an average price of $49.09 per share, with a total value of $127,634.00. Following the purchase, the chairman owned 2,600 shares in the company, valued at approximately $127,634. The trade was a ∞ increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO David Jon Smith bought 600 shares of Innovative Industrial Properties stock in a transaction that occurred on Thursday, November 20th. The shares were acquired at an average price of $45.90 per share, for a total transaction of $27,540.00. Following the acquisition, the chief financial officer directly owned 600 shares in the company, valued at approximately $27,540. This represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Over the last ninety days, insiders have acquired 4,200 shares of company stock worth $201,434. 2.00% of the stock is currently owned by corporate insiders.

Innovative Industrial Properties Price Performance

IIPR stock opened at $50.91 on Friday. The company has a market cap of $1.43 billion, a PE ratio of 12.06 and a beta of 1.50. The company has a current ratio of 2.75, a quick ratio of 2.75 and a debt-to-equity ratio of 0.19. The stock has a 50-day moving average price of $51.24 and a two-hundred day moving average price of $53.62. Innovative Industrial Properties, Inc. has a 12-month low of $44.58 and a 12-month high of $75.71.

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

Innovative Industrial Properties Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st will be given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 14.9%. The ex-dividend date of this dividend is Wednesday, December 31st. Innovative Industrial Properties’s payout ratio is 180.09%.

About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a real estate investment trust (REIT) focused on the acquisition, ownership and management of specialized industrial properties leased to state-licensed operators in the regulated U.S. cannabis industry. The company’s portfolio includes greenhouse facilities, indoor cultivation sites, processing and distribution centers, and other purpose-built properties designed to meet stringent regulatory and operational requirements. By structuring long-term net leases, Innovative Industrial Properties provides its tenants with capital to expand and modernize their operations while maintaining stable, predictable rental income streams.

Founded in 2016 and headquartered in San Diego, California, Innovative Industrial Properties was the first publicly traded REIT in the medical-cannabis sector.