22,329 Shares in Innovative Industrial Properties, Inc. $IIPR Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 22,329 shares of Innovative Industrial Properties in the second quarter, valued at approximately $1.38 million, while institutional investors collectively owned 70.58% of the company.
• IIPR reported quarterly EPS of $1.36, exceeding the $1.02 consensus estimate, but revenue of $63.31 million fell short of expectations. Shares recently traded at $51.02, down 3.1%.
• The company announced a quarterly dividend of $1.90 per share, or $7.60 annualized, representing a 14.9% yield; analysts maintain a consensus “Reduce” rating with an average price target of $48.

Bank of America Corp DE bought a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 22,329 shares of the company's stock, valued at approximately $1,384,000. Bank of America Corp DE owned 0.08% of Innovative Industrial Properties as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in IIPR. BlackRock Inc. bought a new stake in shares of Innovative Industrial Properties in the 2nd quarter valued at $309,746,000. Arrowstreet Capital Limited Partnership raised its position in shares of Innovative Industrial Properties by 3,423.1% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 539,600 shares of the company's stock worth $27,066,000 after acquiring an additional 524,284 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Innovative Industrial Properties by 4.7% in the 1st quarter. Dimensional Fund Advisors LP now owns 366,811 shares of the company's stock worth $18,399,000 after acquiring an additional 16,444 shares in the last quarter. Bank of New York Mellon Corp acquired a new position in shares of Innovative Industrial Properties in the 2nd quarter valued at about $12,793,000. Finally, Legal & General Group Plc acquired a new position in shares of Innovative Industrial Properties in the 2nd quarter valued at about $10,438,000. Institutional investors and hedge funds own 70.58% of the company's stock.

Innovative Industrial Properties Stock Down 3.1%

Shares of NYSE:IIPR opened at $51.02 on Friday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 24.51 and a current ratio of 24.51. Innovative Industrial Properties, Inc. has a 52-week low of $44.58 and a 52-week high of $65.38. The business's 50 day simple moving average is $57.00 and its two-hundred day simple moving average is $56.99. The firm has a market cap of $1.41 billion, a P/E ratio of 11.57 and a beta of 1.37.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its quarterly earnings data on Monday, August 3rd. The company reported $1.36 EPS for the quarter, beating the consensus estimate of $1.02 by $0.34. Innovative Industrial Properties had a return on equity of 7.73% and a net margin of 52.27%.The firm had revenue of $63.31 million during the quarter, compared to the consensus estimate of $67.09 million. As a group, research analysts forecast that Innovative Industrial Properties, Inc. will post 7.05 EPS for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be issued a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a dividend yield of 14.9%. The ex-dividend date is Wednesday, September 30th. Innovative Industrial Properties's dividend payout ratio is currently 172.34%.

Wall Street Analyst Weigh In

Several brokerages have issued reports on IIPR. Weiss Ratings raised Innovative Industrial Properties from a "hold (c-)" rating to a "hold (c)" rating in a research note on Thursday, August 6th. Piper Sandler raised their price objective on shares of Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an "underweight" rating in a research report on Tuesday, July 21st. Three research analysts have rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of "Reduce" and an average price target of $48.00.

Insider Activity at Innovative Industrial Properties

In related news, Director Bruce Ives purchased 528 shares of the stock in a transaction that occurred on Monday, August 31st. The stock was acquired at an average cost of $56.70 per share, with a total value of $29,937.60. Following the transaction, the director owned 3,180 shares of the company's stock, valued at $180,306. This represents a 19.91% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Scott Shoemaker sold 611 shares of the firm's stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total value of $34,435.96. Following the transaction, the director owned 2,000 shares in the company, valued at approximately $112,720. This trade represents a 23.40% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate insiders own 2.30% of the company's stock.

Innovative Industrial Properties Profile

Innovative Industrial Properties, Inc NYSE: IIPR is a real estate investment trust focused on the regulated cannabis industry. The company acquires, owns and manages specialized industrial properties, including cultivation, processing and distribution facilities, that are leased to experienced cannabis operators.

Innovative Industrial Properties generally provides capital to cannabis companies through sale-leaseback transactions and other real estate arrangements. Its leases are typically structured as long-term, triple-net agreements, under which tenants are generally responsible for property operating expenses, maintenance and taxes.

Founded in 2016, the company serves state-regulated cannabis markets in the United States, with properties located in jurisdictions that permit medical-use cannabis.

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 Properties, Inc. (NYSE:IIPR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.