Commonwealth of Pennsylvania Public School Empls Retrmt SYS Cuts Stock Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Posted by Defense World Staff on Aug 18th, 2023

Commonwealth of Pennsylvania Public School Empls Retrmt SYS lessened its stake in Innovative Industrial Properties, Inc. (NYSE:IIPR – Free Report) by 1.1% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 29,612 shares of the company’s stock after selling 325 shares during the quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS owned approximately 0.11% of Innovative Industrial Properties worth $2,250,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Lazard Asset Management LLC boosted its stake in Innovative Industrial Properties by 112.9% during the 1st quarter. Lazard Asset Management LLC now owns 396 shares of the company’s stock worth $81,000 after purchasing an additional 210 shares during the last quarter. Heritage Wealth Management LLC boosted its stake in Innovative Industrial Properties by 100.0% during the 4th quarter. Heritage Wealth Management LLC now owns 460 shares of the company’s stock worth $47,000 after purchasing an additional 230 shares during the last quarter. Centaurus Financial Inc. boosted its position in shares of Innovative Industrial Properties by 61.4% during the 1st quarter. Centaurus Financial Inc. now owns 649 shares of the company’s stock valued at $133,000 after acquiring an additional 247 shares during the last quarter. EverSource Wealth Advisors LLC boosted its position in shares of Innovative Industrial Properties by 63.2% during the 4th quarter. EverSource Wealth Advisors LLC now owns 682 shares of the company’s stock valued at $69,000 after acquiring an additional 264 shares during the last quarter. Finally, Clearstead Advisors LLC boosted its position in shares of Innovative Industrial Properties by 195.7% during the 3rd quarter. Clearstead Advisors LLC now owns 961 shares of the company’s stock valued at $85,000 after acquiring an additional 636 shares during the last quarter. Institutional investors and hedge funds own 72.95% of the company’s stock.

Innovative Industrial Properties Stock Down 1.0 %

Shares of NYSE:IIPR opened at $78.59 on Friday. The company has a debt-to-equity ratio of 0.15, a current ratio of 19.59 and a quick ratio of 19.59. The firm has a market capitalization of $2.20 billion, a PE ratio of 13.91 and a beta of 1.63. The firm’s 50-day moving average is $76.29 and its two-hundred day moving average is $76.51. Innovative Industrial Properties, Inc. has a 1 year low of $63.36 and a 1 year high of $125.38.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, July 14th. Shareholders of record on Friday, June 30th were paid a dividend of $1.80 per share. The ex-dividend date of this dividend was Thursday, June 29th. This represents a $7.20 dividend on an annualized basis and a yield of 9.16%. Innovative Industrial Properties’s dividend payout ratio (DPR) is presently 127.43%.

Analyst Upgrades and Downgrades

IIPR has been the topic of several recent research reports. Compass Point lowered their price target on shares of Innovative Industrial Properties to $100.00 in a research report on Wednesday, May 17th. Piper Sandler cut shares of Innovative Industrial Properties from an “overweight” rating to a “neutral” rating and set a $80.00 target price on the stock. in a research report on Thursday, June 29th. Craig Hallum cut shares of Innovative Industrial Properties from a “buy” rating to a “hold” rating and decreased their target price for the company from $125.00 to $80.00 in a research report on Wednesday, May 10th. Finally, StockNews.com began coverage on shares of Innovative Industrial Properties in a research report on Thursday. They issued a “hold” rating on the stock. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, Innovative Industrial Properties presently has an average rating of “Hold” and a consensus target price of $121.80.

Read Our Latest Report on Innovative Industrial Properties

About Innovative Industrial Properties

(Free Report)

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.