Bayforest Capital Ltd Invests $490,000 in Innovative Industrial Properties, Inc. $IIPR

Key Points

• Bayforest Capital Ltd invested approximately $490,000 in Innovative Industrial Properties, acquiring 9,064 shares in the first quarter.
• Innovative Industrial Properties reported a net margin of 47.71% and earnings of $1.71 per share, slightly beating analysts' estimates.
• The company has a dividend yield of 13.4% with a quarterly dividend of $1.90 per share, despite a high payout ratio of 164.50%.

Bayforest Capital Ltd acquired a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 9,064 shares of the company's stock, valued at approximately $490,000.

Other large investors have also made changes to their positions in the company. Nissay Asset Management Corp Japan ADV lifted its stake in Innovative Industrial Properties by 4.0% in the 4th quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company's stock worth $288,000 after acquiring an additional 164 shares in the last quarter. Signaturefd LLC increased its stake 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 purchasing an additional 251 shares during the last quarter. Principal Securities Inc. lifted its stake in shares of Innovative Industrial Properties by 25.4% in the 1st quarter. Principal Securities Inc. now owns 1,495 shares of the company's stock valued at $81,000 after purchasing an additional 303 shares during the last quarter. Janney Montgomery Scott LLC boosted its holdings in Innovative Industrial Properties by 6.9% in the first quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company's stock worth $267,000 after purchasing an additional 319 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH increased its position in Innovative Industrial Properties by 1.5% during the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 27,727 shares of the company's stock worth $1,500,000 after buying an additional 411 shares during the last quarter. Institutional investors and hedge funds own 70.58% of the company's stock.

Innovative Industrial Properties Price Performance

NYSE:IIPR opened at $56.76 on Wednesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 10.30 and a quick ratio of 10.30. The stock has a market cap of $1.59 billion, a P/E ratio of 12.29 and a beta of 1.61. The company has a fifty day moving average price of $53.91 and a 200 day moving average price of $56.83. Innovative Industrial Properties, Inc. has a one year low of $45.44 and a one year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings data on Wednesday, August 6th. The company reported $1.71 EPS for the quarter, beating analysts' consensus estimates of $1.68 by $0.03. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The business had revenue of $62.89 million during the quarter, compared to analyst estimates of $64.36 million. During the same quarter in the prior year, the business earned $2.06 earnings per share. The firm's revenue for the quarter was down 21.2% on a year-over-year basis. Analysts anticipate that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, July 15th. Stockholders of record on Monday, June 30th were given a dividend of $1.90 per share. The ex-dividend date 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 payout ratio is currently 164.50%.

Wall Street Analyst Weigh In

Separately, Wolfe Research downgraded Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research note on Wednesday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, five have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, Innovative Industrial Properties presently has a consensus rating of "Hold" and an average target price 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.

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