Resource America Inc. cut its holdings in shares of Innovative Industrial (NYSE:IIPR) by 20.1% in the 1st quarter, Holdings Channel reports. The firm owned 130,209 shares of the company’s stock after selling 32,843 shares during the period. Innovative Industrial makes up approximately 2.5% of Resource America Inc.’s portfolio, making the stock its 15th largest holding. Resource America Inc.’s holdings in Innovative Industrial were worth $3,483,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in IIPR. Acadian Asset Management LLC acquired a new stake in Innovative Industrial during the fourth quarter valued at approximately $261,000. Essex Investment Management Co. LLC purchased a new stake in shares of Innovative Industrial in the 4th quarter valued at approximately $836,000. Virtu Financial LLC purchased a new stake in shares of Innovative Industrial in the 4th quarter valued at approximately $255,000. Renaissance Technologies LLC lifted its position in shares of Innovative Industrial by 48.9% in the 4th quarter. Renaissance Technologies LLC now owns 19,500 shares of the company’s stock valued at $630,000 after acquiring an additional 6,400 shares in the last quarter. Finally, Two Sigma Investments LP purchased a new stake in shares of Innovative Industrial in the 4th quarter valued at approximately $792,000. 11.18% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:IIPR opened at $34.35 on Wednesday. The company has a market capitalization of $221.91 million, a P/E ratio of 51.27 and a beta of -0.95. Innovative Industrial has a 52 week low of $15.72 and a 52 week high of $36.88.
Innovative Industrial (NYSE:IIPR) last issued its quarterly earnings results on Wednesday, March 28th. The company reported $0.07 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.18 by ($0.11). The firm had revenue of $2.28 million during the quarter. Innovative Industrial had a negative net margin of 1.12% and a negative return on equity of 0.12%. research analysts forecast that Innovative Industrial will post 1.38 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, April 16th. Investors of record on Thursday, March 29th were given a $0.25 dividend. The ex-dividend date of this dividend was Wednesday, March 28th. This represents a $1.00 annualized dividend and a dividend yield of 2.91%. Innovative Industrial’s dividend payout ratio (DPR) is presently 149.25%.
Several equities research analysts recently commented on the stock. ValuEngine upgraded shares of Innovative Industrial from a “hold” rating to a “buy” rating in a research report on Wednesday, May 2nd. Zacks Investment Research upgraded shares of Innovative Industrial from a “hold” rating to a “buy” rating and set a $32.00 price target for the company in a research report on Saturday, January 20th. Finally, Ladenburg Thalmann restated a “buy” rating and issued a $34.00 price target (up previously from $23.00) on shares of Innovative Industrial in a research report on Wednesday, January 24th.
Innovative Industrial Profile
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.
Want to see what other hedge funds are holding IIPR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Innovative Industrial (NYSE:IIPR).
Receive News & Ratings for Innovative Industrial Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Innovative Industrial and related companies with MarketBeat.com's FREE daily email newsletter.