Innovative Industrial Properties, Inc. $IIPR Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC cut its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 90.7% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 5,332 shares of the company’s stock after selling 51,867 shares during the quarter. SG Americas Securities LLC’s holdings in Innovative Industrial Properties were worth $294,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Flaharty Asset Management LLC purchased a new position in shares of Innovative Industrial Properties in the first quarter valued at $27,000. AdvisorNet Financial Inc grew its stake in Innovative Industrial Properties by 50.3% in the 2nd quarter. AdvisorNet Financial Inc now owns 559 shares of the company’s stock valued at $31,000 after acquiring an additional 187 shares during the last quarter. Legend Financial Advisors Inc. purchased a new position in Innovative Industrial Properties during the 2nd quarter valued at about $44,000. Allworth Financial LP raised its position in Innovative Industrial Properties by 3,578.3% during the second quarter. Allworth Financial LP now owns 1,692 shares of the company’s stock worth $93,000 after acquiring an additional 1,646 shares during the last quarter. Finally, PNC Financial Services Group Inc. raised its position in Innovative Industrial Properties by 26.6% during the first quarter. PNC Financial Services Group Inc. now owns 3,011 shares of the company’s stock worth $163,000 after acquiring an additional 633 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock opened at $49.55 on Friday. The stock has a market capitalization of $1.39 billion, a P/E ratio of 11.74 and a beta of 1.64. Innovative Industrial Properties, Inc. has a 12-month low of $44.58 and a 12-month high of $111.11. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.75 and a quick ratio of 2.75. The firm’s 50-day moving average is $52.04 and its two-hundred day moving average is $54.05.

Innovative Industrial Properties (NYSE:IIPR) last announced its quarterly earnings data on Monday, November 3rd. The company reported $1.71 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.73 by ($0.02). The firm had revenue of $64.69 million for 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 quarterly revenue was down 15.4% on a year-over-year basis. During the same period in the previous year, the company posted $2.25 EPS. Equities analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The firm 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 was Tuesday, September 30th. This represents a $7.60 annualized dividend and a dividend yield of 15.3%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 180.09%.

Insiders Place Their Bets

In other Innovative Industrial Properties news, CFO David Jon Smith bought 600 shares of the company’s stock in a transaction that occurred on Thursday, November 20th. The stock was purchased at an average cost of $45.90 per share, for a total transaction of $27,540.00. Following the completion of the purchase, the chief financial officer owned 600 shares of the company’s stock, valued at $27,540. This trade represents a ? increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Chairman Alan D. Gold bought 2,600 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, November 24th. The shares were acquired at an average price of $49.09 per share, for a total transaction of $127,634.00. Following the completion of the transaction, the chairman directly owned 2,600 shares of the company’s stock, valued at $127,634. This trade represents a ? increase in their position. The SEC filing for this purchase provides additional information. In the last ninety days, insiders bought 4,200 shares of company stock valued at $201,434. Company insiders own 2.00% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently commented on the stock. Piper Sandler increased their price target on shares of Innovative Industrial Properties from $43.00 to $44.00 and gave the company an “underweight” rating in a research report on Wednesday, November 5th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Innovative Industrial Properties in a research note on Monday, November 24th. One equities research analyst has rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average price target of $78.50.

Innovative Industrial Properties 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.