Pacer Advisors Inc. Sells 29,401 Shares of Innovative Industrial Properties, Inc. $IIPR

Pacer Advisors Inc. cut its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 20.2% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 115,965 shares of the company’s stock after selling 29,401 shares during the quarter. Pacer Advisors Inc. owned about 0.41% of Innovative Industrial Properties worth $5,492,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the business. Mirae Asset Global Investments Co. Ltd. grew its stake in shares of Innovative Industrial Properties by 33.4% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 819 shares of the company’s stock worth $39,000 after acquiring an additional 205 shares during the last quarter. Daiwa Securities Group Inc. raised its stake in Innovative Industrial Properties by 2.1% during the 2nd 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 last quarter. Allworth Financial LP boosted its holdings in Innovative Industrial Properties by 4.6% in the 4th quarter. Allworth Financial LP now owns 4,714 shares of the company’s stock valued at $223,000 after purchasing an additional 208 shares during the period. Freestone Grove Partners LP boosted its holdings in Innovative Industrial Properties by 2.0% in the 4th quarter. Freestone Grove Partners LP now owns 12,467 shares of the company’s stock valued at $590,000 after purchasing an additional 250 shares during the period. Finally, PNC Financial Services Group Inc. boosted its holdings in Innovative Industrial Properties by 9.6% in the 4th quarter. PNC Financial Services Group Inc. now owns 2,991 shares of the company’s stock valued at $142,000 after purchasing an additional 262 shares during the period. 70.58% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently issued reports on IIPR. Compass Point upgraded shares of Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price objective on the stock in a report on Tuesday, March 3rd. Piper Sandler lifted their target price on Innovative Industrial Properties from $44.00 to $45.00 and gave the stock an “underweight” rating in a research report on Wednesday, February 25th. Zacks Research lowered Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 5th. Finally, Weiss Ratings raised Innovative Industrial Properties from a “sell (d+)” rating to a “hold (c-)” rating in a report on Tuesday, May 26th. Four investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Reduce” and an average target price of $45.00.

Innovative Industrial Properties Trading Down 0.5%

Shares of Innovative Industrial Properties stock opened at $59.31 on Tuesday. The firm has a market capitalization of $1.71 billion, a PE ratio of 15.17 and a beta of 1.42. The company has a debt-to-equity ratio of 0.20, a current ratio of 6.06 and a quick ratio of 6.06. The company’s fifty day moving average price is $56.44 and its two-hundred day moving average price is $52.75. Innovative Industrial Properties, Inc. has a 52-week low of $44.58 and a 52-week high of $62.30.

Innovative Industrial Properties (NYSE:IIPR) last released its quarterly earnings data on Monday, May 4th. The company reported $1.02 EPS for the quarter, missing analysts’ consensus estimates of $1.07 by ($0.05). Innovative Industrial Properties had a return on equity of 6.62% and a net margin of 45.58%.The business had revenue of $69.00 million for the quarter, compared to the consensus estimate of $65.65 million. During the same period in the previous year, the business posted $1.94 earnings per share. Innovative Industrial Properties’s revenue was down 3.1% on a year-over-year basis. On average, analysts expect that Innovative Industrial Properties, Inc. will post 7.1 EPS for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 15th. Shareholders of record on Tuesday, June 30th will be paid a dividend of $1.90 per share. The ex-dividend date is Tuesday, June 30th. This represents a $7.60 dividend on an annualized basis and a yield of 12.8%. Innovative Industrial Properties’s dividend payout ratio (DPR) is currently 194.37%.

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.