IFP Advisors Inc Trims Stake in Innovative Industrial Properties Inc (IIPR)

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IFP Advisors Inc reduced its position in shares of Innovative Industrial Properties Inc (NYSE:IIPR) by 15.2% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,106 shares of the company’s stock after selling 1,272 shares during the period. IFP Advisors Inc owned approximately 0.08% of Innovative Industrial Properties worth $343,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Flagship Harbor Advisors LLC purchased a new position in Innovative Industrial Properties during the second quarter worth about $105,000. NEXT Financial Group Inc purchased a new position in Innovative Industrial Properties during the third quarter worth about $147,000. Bank of Montreal Can raised its holdings in Innovative Industrial Properties by 10,447.8% during the third quarter. Bank of Montreal Can now owns 4,852 shares of the company’s stock worth $234,000 after purchasing an additional 4,806 shares in the last quarter. Van Hulzen Asset Management LLC purchased a new position in Innovative Industrial Properties during the second quarter worth about $205,000. Finally, Rhumbline Advisers purchased a new position in Innovative Industrial Properties during the second quarter worth about $229,000. 37.87% of the stock is owned by hedge funds and other institutional investors.

A number of research analysts have issued reports on IIPR shares. Compass Point increased their target price on shares of Innovative Industrial Properties from $48.00 to $50.00 and gave the company a “buy” rating in a report on Monday, October 8th. Zacks Investment Research raised shares of Innovative Industrial Properties from a “hold” rating to a “buy” rating and set a $53.00 target price for the company in a report on Tuesday, September 25th. Finally, LADENBURG THALM/SH SH reaffirmed a “buy” rating and issued a $48.00 target price on shares of Innovative Industrial Properties in a report on Monday, September 10th.

In other Innovative Industrial Properties news, insider Alan D. Gold purchased 67,500 shares of the stock in a transaction dated Thursday, October 4th. The shares were acquired at an average cost of $40.00 per share, for a total transaction of $2,700,000.00. Following the completion of the transaction, the insider now directly owns 313,867 shares of the company’s stock, valued at $12,554,680. The purchase was disclosed in a filing with the SEC, which is available at this link. Also, Director Gary A. Kreitzer purchased 2,500 shares of the stock in a transaction dated Thursday, October 4th. The stock was acquired at an average price of $40.00 per share, for a total transaction of $100,000.00. Following the completion of the transaction, the director now directly owns 32,430 shares of the company’s stock, valued at $1,297,200. The disclosure for this purchase can be found here. Company insiders own 6.20% of the company’s stock.

Shares of Innovative Industrial Properties stock opened at $41.56 on Wednesday. Innovative Industrial Properties Inc has a 12-month low of $18.06 and a 12-month high of $49.74. The stock has a market capitalization of $383.75 million, a price-to-earnings ratio of 62.03 and a beta of 0.86.

Innovative Industrial Properties (NYSE:IIPR) last issued its earnings results on Friday, August 10th. The company reported $0.17 earnings per share (EPS) for the quarter. Innovative Industrial Properties had a net margin of 31.15% and a return on equity of 3.13%. The company had revenue of $3.31 million during the quarter. As a group, equities research analysts anticipate that Innovative Industrial Properties Inc will post 1.11 EPS for the current year.

The business also recently announced a quarterly dividend, which was paid on Monday, October 15th. Shareholders of record on Friday, September 28th were issued a $0.35 dividend. The ex-dividend date was Thursday, September 27th. This is a boost from Innovative Industrial Properties’s previous quarterly dividend of $0.25. This represents a $1.40 dividend on an annualized basis and a yield of 3.37%. Innovative Industrial Properties’s dividend payout ratio (DPR) is 208.96%.

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About Innovative Industrial Properties

Innovative Industrial Properties, Inc is a self-advised Maryland corporation focused on the acquisition, ownership and management of specialized industrial properties leased to experienced, state-licensed operators for their regulated medical-use cannabis facilities. Innovative Industrial Properties, Inc intends to elect to be taxed as a real estate investment trust.

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Institutional Ownership by Quarter for Innovative Industrial Properties (NYSE:IIPR)

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