Innovative Industrial Properties, Inc. $IIPR Shares Sold by Quantbot Technologies LP

Quantbot Technologies LP trimmed its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR) by 90.1% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,025 shares of the company’s stock after selling 45,738 shares during the quarter. Quantbot Technologies LP’s holdings in Innovative Industrial Properties were worth $269,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in IIPR. Caitlin John LLC acquired a new stake in shares of Innovative Industrial Properties in the 3rd quarter valued at about $44,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its holdings in Innovative Industrial Properties by 4.3% in the third quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 21,410 shares of the company’s stock valued at $1,147,000 after buying an additional 877 shares during the last quarter. AlphaCore Capital LLC increased its holdings in Innovative Industrial Properties by 0.8% in the third quarter. AlphaCore Capital LLC now owns 211,407 shares of the company’s stock valued at $11,729,000 after buying an additional 1,777 shares during the last quarter. Aberdeen Group plc acquired a new stake in Innovative Industrial Properties during the third quarter valued at approximately $327,000. Finally, Metis Global Partners LLC raised its stake in Innovative Industrial Properties by 36.6% during the third quarter. Metis Global Partners LLC now owns 6,317 shares of the company’s stock valued at $338,000 after buying an additional 1,692 shares in the last quarter. 70.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research analysts have recently commented on the company. Weiss Ratings lowered Innovative Industrial Properties from a “hold (c-)” rating to a “sell (d+)” rating in a research report on Wednesday, January 28th. Piper Sandler upped their price target on Innovative Industrial Properties from $44.00 to $45.00 and gave the company an “underweight” rating in a research report on Wednesday, February 25th. Finally, Compass Point upgraded shares of Innovative Industrial Properties from a “sell” rating to a “neutral” rating and set a $45.00 price target on the stock in a research report on Tuesday, March 3rd. Three equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of “Reduce” and an average target price of $51.75.

Innovative Industrial Properties Price Performance

NYSE IIPR opened at $53.53 on Wednesday. The company has a 50-day moving average price of $49.69 and a two-hundred day moving average price of $51.88. Innovative Industrial Properties, Inc. has a 52 week low of $44.58 and a 52 week high of $72.83. The stock has a market cap of $1.51 billion, a price-to-earnings ratio of 13.66 and a beta of 1.45. The company has a current ratio of 4.38, a quick ratio of 4.38 and a debt-to-equity ratio of 0.22.

Innovative Industrial Properties (NYSE:IIPR) last issued its quarterly earnings data on Monday, February 23rd. The company reported $1.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.71 by $0.17. Innovative Industrial Properties had a return on equity of 6.43% and a net margin of 44.46%.The business had revenue of $66.66 million during the quarter, compared to the consensus estimate of $66.16 million. During the same period in the previous year, the firm posted $2.03 earnings per share. The business’s revenue was down 13.1% on a year-over-year basis. Analysts forecast 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 was paid on Thursday, January 15th. Shareholders of record on Wednesday, December 31st were given a dividend of $1.90 per share. This represents a $7.60 dividend on an annualized basis and a yield of 14.2%. The ex-dividend date was Wednesday, December 31st. Innovative Industrial Properties’s payout ratio is 193.88%.

Innovative Industrial Properties Profile

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.