OMERS ADMINISTRATION Corp Makes New Investment in Innovative Industrial Properties, Inc. $IIPR

Key Points

• OMERS ADMINISTRATION Corp purchased 6,000 shares of Innovative Industrial Properties, Inc. for approximately $325,000 in the first quarter of 2023.
• Innovative Industrial Properties has faced a downgrade from Wolfe Research, with the stock currently rated as a "Hold" and a consensus target price of $78.67.
• The company reported earnings of $1.71 per share, beating estimates, but its revenue of $62.89 million was down 21.2% compared to the same quarter last year.

OMERS ADMINISTRATION Corp bought a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 6,000 shares of the company's stock, valued at approximately $325,000.

Other large investors have also recently bought and sold shares of the company. Principal Financial Group Inc. raised its holdings in shares of Innovative Industrial Properties by 2.6% in the 1st quarter. Principal Financial Group Inc. now owns 155,355 shares of the company's stock worth $8,403,000 after purchasing an additional 3,961 shares during the period. Bank of America Corp DE raised its position in shares of Innovative Industrial Properties by 9.1% during the 4th quarter. Bank of America Corp DE now owns 16,759 shares of the company's stock valued at $1,117,000 after purchasing an additional 1,395 shares during the period. Janney Montgomery Scott LLC grew its stake in shares of Innovative Industrial Properties by 6.9% in the 1st quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company's stock worth $267,000 after buying an additional 319 shares in the last quarter. Deutsche Bank AG raised its holdings in shares of Innovative Industrial Properties by 32.6% in the 4th quarter. Deutsche Bank AG now owns 34,180 shares of the company's stock valued at $2,278,000 after purchasing an additional 8,408 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Innovative Industrial Properties by 2.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 342,123 shares of the company's stock valued at $22,799,000 after purchasing an additional 7,272 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

Shares of IIPR stock traded down $0.60 during trading on Monday, reaching $56.70. 139,536 shares of the company's stock were exchanged, compared to its average volume of 322,460. Innovative Industrial Properties, Inc. has a twelve month low of $45.44 and a twelve month high of $138.35. The firm's fifty day moving average price is $53.87 and its 200-day moving average price is $56.94. The company has a quick ratio of 10.30, a current ratio of 10.30 and a debt-to-equity ratio of 0.16. The stock has a market capitalization of $1.59 billion, a PE ratio of 12.28 and a beta of 1.61.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last released its earnings results on Wednesday, August 6th. The company reported $1.71 EPS for the quarter, topping the consensus estimate of $1.68 by $0.03. The business had revenue of $62.89 million during the quarter, compared to analysts' expectations of $64.36 million. Innovative Industrial Properties had a return on equity of 7.26% and a net margin of 47.71%.The firm's revenue was down 21.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.06 earnings per share. As a group, sell-side analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $7.60 dividend on an annualized basis and a dividend yield of 13.4%. Innovative Industrial Properties's dividend payout ratio is currently 164.50%.

Wall Street Analysts Forecast Growth

Separately, Wolfe Research lowered shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 2nd. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating, five have assigned a Hold rating and two have assigned a Sell rating to the company's stock. According to MarketBeat, Innovative Industrial Properties presently has a consensus rating of "Hold" and a consensus price target of $78.67.

Innovative Industrial Properties Company Profile

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.