California Public Employees Retirement System Sells 6,484 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

California Public Employees Retirement System lowered its position in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 11.2% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 51,613 shares of the company’s stock after selling 6,484 shares during the period. California Public Employees Retirement System owned about 0.18% of Innovative Industrial Properties worth $3,439,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in IIPR. Nomura Asset Management Co. Ltd. lifted its position in shares of Innovative Industrial Properties by 6.3% during the 4th quarter. Nomura Asset Management Co. Ltd. now owns 37,250 shares of the company’s stock worth $2,482,000 after buying an additional 2,200 shares in the last quarter. Norges Bank purchased a new stake in shares of Innovative Industrial Properties during the fourth quarter valued at approximately $22,635,000. EntryPoint Capital LLC bought a new stake in Innovative Industrial Properties during the fourth quarter worth $250,000. Segall Bryant & Hamill LLC boosted its position in Innovative Industrial Properties by 1.7% in the fourth quarter. Segall Bryant & Hamill LLC now owns 50,485 shares of the company’s stock worth $3,364,000 after purchasing an additional 836 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in Innovative Industrial Properties by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 4,423,736 shares of the company’s stock valued at $294,798,000 after purchasing an additional 64,908 shares during the period. 70.58% of the stock is owned by institutional investors.

Insider Transactions at Innovative Industrial Properties

In other news, Director David Stecher sold 7,599 shares of the company’s stock in a transaction on Monday, March 3rd. The shares were sold at an average price of $70.55, for a total value of $536,109.45. Following the transaction, the director now owns 1,346 shares of the company’s stock, valued at approximately $94,960.30. This represents a 84.95 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 1.50% of the company’s stock.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock opened at $47.68 on Wednesday. Innovative Industrial Properties, Inc. has a 12 month low of $47.08 and a 12 month high of $138.35. The stock has a market capitalization of $1.35 billion, a P/E ratio of 8.62 and a beta of 1.59. The company has a current ratio of 14.32, a quick ratio of 11.53 and a debt-to-equity ratio of 0.16. The firm’s 50 day moving average is $67.79 and its 200 day moving average is $90.84.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings results on Wednesday, February 19th. The company reported $2.22 EPS for the quarter, hitting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.39% and a net margin of 52.40%. The firm had revenue of $76.74 million during the quarter, compared to analyst estimates of $76.21 million. On average, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, April 15th. Stockholders of record on Monday, March 31st will be given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a dividend yield of 15.94%. The ex-dividend date of this dividend is Monday, March 31st. Innovative Industrial Properties’s dividend payout ratio is presently 137.43%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on the stock. Piper Sandler cut their price target on shares of Innovative Industrial Properties from $60.00 to $55.00 and set an “underweight” rating on the stock in a report on Monday, March 31st. Alliance Global Partners cut shares of Innovative Industrial Properties from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 23rd. BTIG Research downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. Compass Point reaffirmed a “sell” rating and issued a $50.00 price target (down previously from $60.00) on shares of Innovative Industrial Properties in a report on Monday, March 31st. Finally, Industrial Alliance Securities reissued a “neutral” rating on shares of Innovative Industrial Properties in a report on Tuesday, April 1st. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $85.00.

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.