Convergence Investment Partners LLC Has $776,000 Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Convergence Investment Partners LLC lowered its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR) by 41.8% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 11,646 shares of the company’s stock after selling 8,374 shares during the quarter. Convergence Investment Partners LLC’s holdings in Innovative Industrial Properties were worth $776,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in the stock. Bogart Wealth LLC acquired a new position in Innovative Industrial Properties in the fourth quarter valued at about $27,000. Canton Hathaway LLC acquired a new position in Innovative Industrial Properties in the third quarter valued at about $55,000. Loomis Sayles & Co. L P raised its position in shares of Innovative Industrial Properties by 3,130.8% in the 3rd quarter. Loomis Sayles & Co. L P now owns 420 shares of the company’s stock valued at $57,000 after acquiring an additional 407 shares during the period. US Bancorp DE raised its position in shares of Innovative Industrial Properties by 75.3% in the 3rd quarter. US Bancorp DE now owns 440 shares of the company’s stock valued at $59,000 after acquiring an additional 189 shares during the period. Finally, Compass Financial Services Inc acquired a new stake in shares of Innovative Industrial Properties in the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 70.58% of the company’s stock.

Innovative Industrial Properties Stock Performance

IIPR opened at $73.41 on Thursday. The business’s 50-day moving average price is $73.43 and its two-hundred day moving average price is $104.88. Innovative Industrial Properties, Inc. has a 1 year low of $62.45 and a 1 year high of $138.35. The company has a market capitalization of $2.08 billion, a price-to-earnings ratio of 13.06 and a beta of 1.40. The company has a debt-to-equity ratio of 0.15, a current ratio of 11.53 and a quick ratio of 11.53.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, February 19th. The company reported $2.22 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $2.22. Innovative Industrial Properties had a return on equity of 8.44% and a net margin of 52.51%. Equities analysts expect that Innovative Industrial Properties, Inc. will post 8.36 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st were issued a $1.90 dividend. The ex-dividend date of this dividend was Tuesday, December 31st. This represents a $7.60 dividend on an annualized basis and a dividend yield of 10.35%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 135.23%.

Wall Street Analysts Forecast Growth

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

Innovative Industrial Properties Company 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.