Wedge Capital Management L L P NC Sells 3,747 Shares of Innovative Industrial Properties, Inc. (NYSE:IIPR)

Posted by Defense World Staff on Mar 25th, 2023

Wedge Capital Management L L P NC lessened its stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR – Get Rating) by 5.3% during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor owned 66,863 shares of the company’s stock after selling 3,747 shares during the period. Wedge Capital Management L L P NC owned about 0.24% of Innovative Industrial Properties worth $6,777,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of IIPR. State Street Corp raised its holdings in Innovative Industrial Properties by 14.8% during the first quarter. State Street Corp now owns 1,468,375 shares of the company’s stock worth $304,124,000 after acquiring an additional 189,733 shares in the last quarter. ETF Managers Group LLC increased its position in Innovative Industrial Properties by 185.7% during the third quarter. ETF Managers Group LLC now owns 279,868 shares of the company’s stock worth $24,768,000 after buying an additional 181,922 shares during the last quarter. Vanguard Group Inc. increased its position in Innovative Industrial Properties by 4.7% during the first quarter. Vanguard Group Inc. now owns 3,989,218 shares of the company’s stock worth $819,386,000 after buying an additional 179,840 shares during the last quarter. Captrust Financial Advisors acquired a new position in Innovative Industrial Properties during the second quarter worth approximately $15,047,000. Finally, Marshall Wace LLP increased its position in Innovative Industrial Properties by 1,946.9% during the third quarter. Marshall Wace LLP now owns 138,045 shares of the company’s stock worth $12,217,000 after buying an additional 131,301 shares during the last quarter. Institutional investors own 73.71% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on IIPR. Piper Sandler lowered their price target on Innovative Industrial Properties from $140.00 to $120.00 and set an “overweight” rating on the stock in a research report on Wednesday, March 1st. BTIG Research lowered their price target on Innovative Industrial Properties from $196.00 to $179.00 and set a “buy” rating on the stock in a research report on Tuesday, January 24th. TheStreet downgraded Innovative Industrial Properties from a “b-” rating to a “c+” rating in a research report on Monday, February 27th. Craig Hallum lowered their price target on Innovative Industrial Properties from $140.00 to $125.00 in a research report on Wednesday, March 1st. Finally, StockNews.com assumed coverage on Innovative Industrial Properties in a research report on Thursday, March 16th. They set a “hold” rating on the stock. Three investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, Innovative Industrial Properties presently has a consensus rating of “Moderate Buy” and an average target price of $153.17.

Innovative Industrial Properties Price Performance

Innovative Industrial Properties stock opened at $75.77 on Friday. Innovative Industrial Properties, Inc. has a 12 month low of $73.25 and a 12 month high of $211.17. The stock’s 50 day moving average is $87.35 and its 200-day moving average is $97.75. The company has a current ratio of 27.14, a quick ratio of 27.14 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $2.12 billion, a price-to-earnings ratio of 13.73 and a beta of 1.60.

Innovative Industrial Properties (NYSE:IIPR – Get Rating) last posted its earnings results on Monday, February 27th. The company reported $1.46 EPS for the quarter, missing the consensus estimate of $1.80 by ($0.34). Innovative Industrial Properties had a net margin of 55.86% and a return on equity of 8.24%. The firm had revenue of $70.46 million during the quarter, compared to analyst estimates of $68.60 million. Equities research analysts expect that Innovative Industrial Properties, Inc. will post 7.75 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, April 14th. Investors of record on Friday, March 31st will be given a dividend of $1.80 per share. This represents a $7.20 dividend on an annualized basis and a yield of 9.50%. The ex-dividend date is Thursday, March 30th. Innovative Industrial Properties’s dividend payout ratio is currently 130.43%.

Innovative Industrial Properties Company Profile

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Innovative Industrial Properties, Inc is a real estate investment trust, which engages in the acquisition, ownership, and management of industrial properties. It operates through the following geographical segments: Arizona, California, Colorado, Florida, Illinois, Maryland, Massachusetts, Michigan, Minnesota, Missouri, Nevada, New Jersey, New York, North Dakota, Ohio, Pennsylvania, Texas, Virginia, and Washington.