Innovative Industrial Properties, Inc. $IIPR Shares Purchased by Cubist Systematic Strategies LLC

Key Points

• Cubist Systematic Strategies LLC increased its holdings in Innovative Industrial Properties, Inc. by 55.5%, now owning 79,295 shares worth approximately $4.29 million.
• Innovative Industrial Properties announced a quarterly dividend of $1.90 per share, with a total annualized dividend yield of 13.4%.
• Wolfe Research downgraded the stock from an "outperform" to a "peer perform" rating, contributing to a consensus rating of "Hold" among analysts.

Cubist Systematic Strategies LLC increased its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 55.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 79,295 shares of the company's stock after purchasing an additional 28,308 shares during the quarter. Cubist Systematic Strategies LLC owned approximately 0.28% of Innovative Industrial Properties worth $4,289,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in IIPR. Raymond James Financial Inc. purchased a new stake in shares of Innovative Industrial Properties during the 4th quarter worth approximately $567,000. Price T Rowe Associates Inc. MD raised its stake in Innovative Industrial Properties by 9.8% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 24,519 shares of the company's stock worth $1,634,000 after acquiring an additional 2,180 shares in the last quarter. The Manufacturers Life Insurance Company lifted its position in Innovative Industrial Properties by 4.6% in the fourth quarter. The Manufacturers Life Insurance Company now owns 24,174 shares of the company's stock valued at $1,611,000 after acquiring an additional 1,068 shares during the last quarter. Northern Trust Corp boosted its stake in Innovative Industrial Properties by 20.6% in the fourth quarter. Northern Trust Corp now owns 435,879 shares of the company's stock valued at $29,047,000 after acquiring an additional 74,342 shares in the last quarter. Finally, Schonfeld Strategic Advisors LLC acquired a new position in Innovative Industrial Properties in the fourth quarter valued at $1,113,000. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Innovative Industrial Properties Stock Performance

IIPR stock traded down $0.41 on Wednesday, hitting $56.39. The company's stock had a trading volume of 221,181 shares, compared to its average volume of 264,094. The stock has a market cap of $1.58 billion, a price-to-earnings ratio of 12.21 and a beta of 1.61. The firm has a 50 day moving average of $53.89 and a two-hundred day moving average of $56.83. The company has a current ratio of 10.30, a quick ratio of 10.30 and a debt-to-equity ratio of 0.16. Innovative Industrial Properties, Inc. has a 1 year low of $45.44 and a 1 year high of $138.35.

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

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were given a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 13.5%. The ex-dividend date was Monday, June 30th. Innovative Industrial Properties's payout ratio is 164.50%.

Analyst Upgrades and Downgrades

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