Corient Private Wealth LP Purchases New Position in Innovative Industrial Properties, Inc. $IIPR

Key Points

• Corient Private Wealth LP purchased 22,006 shares of Innovative Industrial Properties in the second quarter, valued at approximately $1.36 million; institutional investors now own 70.58% of the company.
• IIPR reported quarterly EPS of $1.36, exceeding analysts’ $1.02 estimate, while revenue of $63.31 million fell short of the $67.09 million consensus forecast.
• The company declared a quarterly dividend of $1.90, equivalent to a 13.7% annualized yield, though its 172.34% payout ratio highlights potential sustainability concerns. Analysts maintain an average “Reduce” rating with a $48 price target.

Corient Private Wealth LP purchased a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 22,006 shares of the company's stock, valued at approximately $1,364,000. Corient Private Wealth LP owned about 0.08% of Innovative Industrial Properties at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the business. Amundi increased its holdings in Innovative Industrial Properties by 2.2% in the 2nd quarter. Amundi now owns 19,029 shares of the company's stock worth $1,179,000 after buying an additional 413 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new stake in Innovative Industrial Properties during the 2nd quarter valued at $3,512,000. Compass Financial Management LLC purchased a new stake in shares of Innovative Industrial Properties in the second quarter worth approximately $4,475,000. Nykredit A S purchased a new stake in Innovative Industrial Properties in the 2nd quarter valued at about $25,000. Finally, Triumph Capital Management lifted its stake in Innovative Industrial Properties by 112.9% in the second quarter. Triumph Capital Management now owns 905 shares of the company's stock worth $56,000 after acquiring an additional 480 shares during the period. 70.58% of the stock is currently owned by institutional investors.

Innovative Industrial Properties Stock Performance

NYSE IIPR opened at $55.57 on Friday. Innovative Industrial Properties, Inc. has a 1-year low of $44.58 and a 1-year high of $65.38. The business's 50-day simple moving average is $57.76 and its 200-day simple moving average is $56.97. The company has a debt-to-equity ratio of 0.35, a current ratio of 24.51 and a quick ratio of 24.51. The firm has a market capitalization of $1.53 billion, a P/E ratio of 12.60 and a beta of 1.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its earnings results on Monday, August 3rd. The company reported $1.36 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 business had revenue of $63.31 million for the quarter, compared to analyst estimates of $67.09 million. Equities analysts predict that Innovative Industrial Properties, Inc. will post 7.05 EPS for the current year.

Innovative Industrial Properties Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 15th. Investors of record on Wednesday, September 30th will be given a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 13.7%. The ex-dividend date of this dividend is Wednesday, September 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is 172.34%.

Analyst Upgrades and Downgrades

IIPR has been the topic of several research reports. Weiss Ratings upgraded shares of Innovative Industrial Properties from a "hold (c-)" rating to a "hold (c)" rating in a report on Thursday, August 6th. Piper Sandler increased their price target on Innovative Industrial Properties from $45.00 to $51.00 and gave the stock an "underweight" rating in a report on Tuesday, July 21st. Three equities 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, the company presently has an average rating of "Reduce" and an average target price of $48.00.

Insider Activity

In related news, Director Scott Shoemaker sold 611 shares of the stock in a transaction on Tuesday, September 15th. The shares were sold at an average price of $56.36, for a total transaction of $34,435.96. Following the completion of the transaction, the director owned 2,000 shares in the company, valued at approximately $112,720. This represents a 23.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Bruce Ives purchased 528 shares of Innovative Industrial Properties stock in a transaction that occurred on Monday, August 31st. The shares were bought at an average cost of $56.70 per share, for a total transaction of $29,937.60. Following the transaction, the director directly owned 3,180 shares of the company's stock, valued at $180,306. This represents a 19.91% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 2.30% of the stock is currently owned by insiders.

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 that are used for cannabis cultivation and processing.

IIPR generally leases its properties to state-licensed cannabis operators through long-term, often triple-net lease agreements. Under these arrangements, tenants typically remain responsible for property-level expenses such as maintenance, insurance and taxes.

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