Avalon Investment & Advisory Sells 15,012 Shares of Innovative Industrial Properties Inc (NYSE:IIPR)

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Avalon Investment & Advisory reduced its position in Innovative Industrial Properties Inc (NYSE:IIPR) by 22.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 51,708 shares of the company’s stock after selling 15,012 shares during the quarter. Avalon Investment & Advisory owned 0.24% of Innovative Industrial Properties worth $4,551,000 as of its most recent SEC filing.

Other institutional investors have also recently bought and sold shares of the company. Ameritas Investment Company LLC acquired a new position in shares of Innovative Industrial Properties in the 1st quarter valued at about $27,000. Private Ocean LLC acquired a new position in shares of Innovative Industrial Properties during the 1st quarter worth approximately $30,000. Synovus Financial Corp boosted its stake in Innovative Industrial Properties by 70.8% in the 1st quarter. Synovus Financial Corp now owns 410 shares of the company’s stock valued at $31,000 after purchasing an additional 170 shares during the period. AlphaCore Capital LLC bought a new stake in shares of Innovative Industrial Properties during the 1st quarter valued at $33,000. Finally, Canton Hathaway LLC bought a new stake in shares of Innovative Industrial Properties during the 2nd quarter valued at $33,000. 70.32% of the stock is currently owned by institutional investors.

NYSE:IIPR traded up $2.66 during mid-day trading on Thursday, reaching $122.21. The stock had a trading volume of 7,251 shares, compared to its average volume of 353,838. The business’s 50 day moving average is $100.67 and its 200 day moving average is $87.61. Innovative Industrial Properties Inc has a fifty-two week low of $40.21 and a fifty-two week high of $121.97. The stock has a market cap of $2.58 billion, a P/E ratio of 42.83 and a beta of 1.35. The company has a debt-to-equity ratio of 0.14, a current ratio of 115.43 and a quick ratio of 115.43.

Innovative Industrial Properties (NYSE:IIPR) last announced its earnings results on Wednesday, August 5th. The company reported $0.73 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.22 by ($0.49). Innovative Industrial Properties had a return on equity of 6.01% and a net margin of 55.69%. Equities analysts expect that Innovative Industrial Properties Inc will post 4.95 EPS for the current year.

IIPR has been the topic of several recent research reports. LADENBURG THALM/SH SH increased their price target on Innovative Industrial Properties from $83.50 to $104.00 and gave the stock a “buy” rating in a report on Tuesday, June 23rd. Zacks Investment Research lowered Innovative Industrial Properties from a “buy” rating to a “hold” rating in a report on Thursday, May 28th. Roth Capital increased their price target on Innovative Industrial Properties from $110.00 to $120.00 in a research report on Monday, July 6th. Compass Point increased their price target on Innovative Industrial Properties from $75.00 to $100.00 and gave the company a “buy” rating in a research report on Thursday, May 21st. Finally, JMP Securities increased their price target on Innovative Industrial Properties from $120.00 to $140.00 in a research report on Monday. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $108.00.

Innovative Industrial Properties 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 has elected to be taxed as a real estate investment trust, commencing with the year ended December 31, 2017.

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

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