Innovative Industrial Properties, Inc. (NYSE:IIPR) Shares Sold by Koa Wealth Management LLC

Koa Wealth Management LLC trimmed its holdings in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 25.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 31,926 shares of the company’s stock after selling 10,722 shares during the period. Innovative Industrial Properties accounts for about 1.7% of Koa Wealth Management LLC’s investment portfolio, making the stock its 17th largest position. Koa Wealth Management LLC owned about 0.11% of Innovative Industrial Properties worth $2,128,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in IIPR. Bank of Montreal Can increased its stake in Innovative Industrial Properties by 22.4% in the second quarter. Bank of Montreal Can now owns 4,435 shares of the company’s stock valued at $487,000 after purchasing an additional 813 shares during the last quarter. AQR Capital Management LLC grew its holdings in Innovative Industrial Properties by 25.0% in the second quarter. AQR Capital Management LLC now owns 3,188 shares of the company’s stock valued at $348,000 after purchasing an additional 637 shares during the period. The Manufacturers Life Insurance Company increased its position in Innovative Industrial Properties by 5.0% during the second quarter. The Manufacturers Life Insurance Company now owns 23,353 shares of the company’s stock worth $2,551,000 after purchasing an additional 1,106 shares during the last quarter. Mackenzie Financial Corp purchased a new position in Innovative Industrial Properties during the second quarter worth approximately $238,000. Finally, Algert Global LLC acquired a new position in shares of Innovative Industrial Properties in the 2nd quarter valued at $310,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Price Performance

IIPR opened at $72.99 on Friday. The firm has a market cap of $2.07 billion, a price-to-earnings ratio of 12.99 and a beta of 1.39. The company’s 50-day moving average price is $83.13 and its 200 day moving average price is $109.60. Innovative Industrial Properties, Inc. has a fifty-two week low of $62.45 and a fifty-two week high of $138.35. The company has a quick ratio of 11.53, a current ratio of 11.53 and a debt-to-equity ratio of 0.15.

Innovative Industrial Properties (NYSE:IIPR) last posted its quarterly earnings data on Wednesday, November 6th. The company reported $1.37 earnings per share for the quarter, missing the consensus estimate of $2.13 by ($0.76). Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. The company had revenue of $76.53 million during the quarter, compared to analyst estimates of $77.30 million. During the same period in the previous year, the company earned $2.29 EPS. The business’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, sell-side analysts expect that Innovative Industrial Properties, Inc. will post 8.36 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Shareholders of record on Tuesday, December 31st were given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 10.41%. The ex-dividend date of this dividend was Tuesday, December 31st. Innovative Industrial Properties’s payout ratio is 135.23%.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on IIPR. Roth Capital raised Innovative Industrial Properties to a “strong-buy” rating in a research report on Monday, November 11th. JMP Securities reaffirmed a “market perform” rating on shares of Innovative Industrial Properties in a research note on Monday, December 16th. Compass Point downgraded shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $125.00 to $78.00 in a research report on Friday, December 20th. Piper Sandler downgraded shares of Innovative Industrial Properties from a “neutral” rating to an “underweight” rating and decreased their price objective for the stock from $118.00 to $70.00 in a research note on Friday, December 20th. Finally, BTIG Research lowered shares of Innovative Industrial Properties from a “buy” rating to a “neutral” rating in a research report on Monday, December 23rd. One analyst has rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of “Hold” and an average target price of $104.50.

About Innovative Industrial Properties

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.