Sun Sep 15 10:34:59 UTC 2024: ## Wedbush Securities Cuts Stake in Innovative Industrial Properties, Other Funds Show Interest

**New York, NY -** Wedbush Securities Inc. significantly reduced its holdings in Innovative Industrial Properties, Inc. (NYSE: IIPR) during the second quarter, according to filings with the Securities and Exchange Commission (SEC). The investment firm sold 1,511 shares, resulting in a 33.9% decrease in their stake, leaving them with 2,951 shares worth approximately $322,000.

However, other institutional investors demonstrated a contrasting sentiment towards IIPR. Russell Investments Group Ltd. boosted their position by 25.0%, Victory Capital Management Inc. by 25.5%, Charles Schwab Investment Management Inc. by 4.2%, and Dimensional Fund Advisors LP by a substantial 57.9%. Principal Financial Group Inc. also increased their stake by 1.3%.

Overall, hedge funds and institutional investors now own 70.58% of IIPR stock.

IIPR shares opened at $129.16 on Friday, with a 50-day simple moving average of $119.87 and a 200-day simple moving average of $109.34. The company has a current ratio of 18.06, a quick ratio of 18.06, and a debt-to-equity ratio of 0.15. IIPR’s 1-year low is $69.08, and its 1-year high is $129.45. The stock has a market cap of $3.66 billion, a P/E ratio of 22.66, and a beta of 1.35.

Innovative Industrial Properties announced a quarterly dividend of $1.90 per share, payable on Tuesday, October 15th, to shareholders of record on Monday, September 30th. The ex-dividend date is also Monday, September 30th. This represents an annualized dividend of $7.60 and a dividend yield of 5.88%.

Analysts from Roth Mkm and Piper Sandler recently provided their opinions on IIPR. Roth Mkm upgraded their price objective from $115.00 to $140.00 and maintained a “buy” rating, while Piper Sandler raised their price objective from $110.00 to $120.00 and assigned a “neutral” rating.

Innovative Industrial Properties, Inc. is a real estate investment trust focused on acquiring, owning, and managing specialized properties leased to cannabis operators. The company elected to be taxed as a real estate investment trust starting in 2017.

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