Allianz Asset Management GmbH Takes Position in Innovative Industrial Properties, Inc. (NYSE:IIPR)

Key Points

• Allianz Asset Management GmbH acquired 17,510 shares of Innovative Industrial Properties, valued at approximately $947,000, representing 0.06% ownership in the company.
• Innovative Industrial Properties reported a decrease in revenue by 5.7% year-over-year, with earnings per share of $1.94 compared to the estimate of $2.06.
• The company announced a quarterly dividend of $1.90, yielding 14.7%, indicating a high payout ratio of 146.15%.

Allianz Asset Management GmbH purchased a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm purchased 17,510 shares of the company's stock, valued at approximately $947,000. Allianz Asset Management GmbH owned about 0.06% of Innovative Industrial Properties at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Summit Investment Advisors Inc. lifted its position in shares of Innovative Industrial Properties by 5.7% during the 4th quarter. Summit Investment Advisors Inc. now owns 2,948 shares of the company's stock worth $196,000 after buying an additional 160 shares during the last quarter. Nissay Asset Management Corp Japan ADV lifted its position in shares of Innovative Industrial Properties by 4.0% during the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company's stock worth $288,000 after buying an additional 164 shares during the last quarter. Pinebridge Investments L.P. lifted its position in shares of Innovative Industrial Properties by 4.3% during the 4th quarter. Pinebridge Investments L.P. now owns 4,677 shares of the company's stock worth $312,000 after buying an additional 193 shares during the last quarter. Signaturefd LLC lifted its position in shares of Innovative Industrial Properties by 49.7% during the 1st quarter. Signaturefd LLC now owns 756 shares of the company's stock worth $41,000 after buying an additional 251 shares during the last quarter. Finally, American Century Companies Inc. lifted its position in shares of Innovative Industrial Properties by 1.7% during the 4th quarter. American Century Companies Inc. now owns 16,158 shares of the company's stock worth $1,077,000 after buying an additional 270 shares during the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Trading Down 0.7%

Shares of IIPR stock traded down $0.38 during trading hours on Friday, hitting $51.32. 290,640 shares of the company were exchanged, compared to its average volume of 253,116. The firm has a market cap of $1.44 billion, a PE ratio of 9.87 and a beta of 1.65. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $138.35. The company has a quick ratio of 10.73, a current ratio of 10.73 and a debt-to-equity ratio of 0.15. The firm has a fifty day moving average of $55.51 and a 200 day moving average of $60.21.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings results on Wednesday, May 7th. The company reported $1.94 EPS for the quarter, missing the consensus estimate of $2.06 by ($0.12). Innovative Industrial Properties had a net margin of 50.30% and a return on equity of 8.01%. The business had revenue of $71.72 million during the quarter, compared to analysts' expectations of $72.20 million. During the same quarter in the previous year, the business posted $2.21 EPS. The company's quarterly revenue was down 5.7% on a year-over-year basis. Analysts expect that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $1.90 dividend. The ex-dividend date was Monday, June 30th. This represents a $7.60 annualized dividend and a yield of 14.8%. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 146.15%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. Piper Sandler reduced their price target on shares of Innovative Industrial Properties from $55.00 to $45.00 and set an "underweight" rating for the company in a research report on Tuesday, April 15th. Wolfe Research downgraded shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, July 2nd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Hold" and a consensus price target of $78.67.

Innovative Industrial Properties 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.