Ethos Financial Group LLC Takes Position in Innovative Industrial Properties, Inc. $IIPR

Key Points

• Ethos Financial Group LLC invested approximately $396,000 in Innovative Industrial Properties, acquiring 7,319 shares in the first quarter.
• Innovative Industrial Properties reported a decrease in revenue by 21.2% year-over-year, with earnings per share of $1.71 for the last quarter.
• The company declared a quarterly dividend of $1.90, resulting in a annual yield of 14.5%, although it has a high payout ratio of 164.50%.

Ethos Financial Group LLC acquired a new stake in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 7,319 shares of the company's stock, valued at approximately $396,000.

Other hedge funds also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Innovative Industrial Properties by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 4,469,353 shares of the company's stock valued at $241,747,000 after purchasing an additional 45,617 shares in the last quarter. Northern Trust Corp lifted its stake in Innovative Industrial Properties by 20.6% during the fourth quarter. Northern Trust Corp now owns 435,879 shares of the company's stock worth $29,047,000 after purchasing an additional 74,342 shares during the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of Innovative Industrial Properties by 2.2% in the 4th quarter. Dimensional Fund Advisors LP now owns 342,123 shares of the company's stock valued at $22,799,000 after buying an additional 7,272 shares during the period. Invesco Ltd. grew its holdings in shares of Innovative Industrial Properties by 16.2% during the fourth quarter. Invesco Ltd. now owns 278,053 shares of the company's stock valued at $18,529,000 after purchasing an additional 38,832 shares during the last quarter. Finally, Principal Financial Group Inc. increased its position in Innovative Industrial Properties by 2.6% in the first quarter. Principal Financial Group Inc. now owns 155,355 shares of the company's stock worth $8,403,000 after buying an additional 3,961 shares during the period. 70.58% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Wolfe Research downgraded shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a report on Wednesday, July 2nd. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, five have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of "Hold" and a consensus target price of $78.67.

Innovative Industrial Properties Trading Down 1.2%

Shares of IIPR traded down $0.6560 during midday trading on Thursday, hitting $52.1140. The stock had a trading volume of 225,960 shares, compared to its average volume of 326,747. The business has a 50-day simple moving average of $54.34 and a two-hundred day simple moving average of $58.67. The firm has a market cap of $1.46 billion, a P/E ratio of 11.28 and a beta of 1.65. 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 fifty-two week low of $45.44 and a fifty-two week high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $1.71 EPS for the quarter, beating the consensus estimate 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 the consensus estimate of $64.36 million. During the same quarter in the prior year, the firm earned $2.06 EPS. The firm's quarterly revenue was down 21.2% on a year-over-year basis. As a group, equities analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 EPS 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 given a dividend of $1.90 per share. This represents a $7.60 annualized dividend and a yield of 14.6%. The ex-dividend date of this dividend was Monday, June 30th. Innovative Industrial Properties's payout ratio is presently 164.50%.

About Innovative Industrial Properties

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.