Exchange Traded Concepts LLC Raises Stock Position in Innovative Industrial Properties, Inc. $IIPR

Key Points

• Exchange Traded Concepts LLC has increased its holdings in Innovative Industrial Properties by 25.4%, acquiring an additional 8,147 shares during the second quarter.
• Shares of Innovative Industrial Properties have received a consensus rating of "Hold" from analysts, with a consensus price target set at $78.67.
• The company recently announced a quarterly dividend of $1.90, which corresponds to an annualized yield of 13.2%.

Exchange Traded Concepts LLC increased its position in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 25.4% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 40,253 shares of the company's stock after purchasing an additional 8,147 shares during the quarter. Exchange Traded Concepts LLC owned approximately 0.14% of Innovative Industrial Properties worth $2,223,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Flaharty Asset Management LLC acquired a new stake in Innovative Industrial Properties during the 1st quarter worth $27,000. PSI Advisors LLC grew its stake in Innovative Industrial Properties by 454.5% in the 1st quarter. PSI Advisors LLC now owns 610 shares of the company's stock valued at $33,000 after buying an additional 500 shares during the last quarter. SSA Swiss Advisors AG acquired a new position in Innovative Industrial Properties in the 1st quarter valued at $33,000. GF Fund Management CO. LTD. bought a new position in Innovative Industrial Properties during the fourth quarter worth about $34,000. Finally, Signaturefd LLC grew its position in Innovative Industrial Properties by 49.7% during the first quarter. Signaturefd LLC now owns 756 shares of the company's stock worth $41,000 after buying an additional 251 shares in the last quarter. Institutional investors and hedge funds own 70.58% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wolfe Research cut 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 assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Innovative Industrial Properties currently has a consensus rating of "Hold" and an average target price of $78.67.

Innovative Industrial Properties Stock Performance

NYSE:IIPR traded down $1.52 during trading on Monday, reaching $55.91. The company's stock had a trading volume of 382,805 shares, compared to its average volume of 255,516. Innovative Industrial Properties, Inc. has a 12 month low of $45.44 and a 12 month high of $138.35. The firm has a 50 day moving average of $54.06 and a 200-day moving average of $55.76. The company has a debt-to-equity ratio of 0.16, a quick ratio of 10.30 and a current ratio of 10.30. The firm has a market cap of $1.57 billion, a price-to-earnings ratio of 12.10 and a beta of 1.61.

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

Innovative Industrial Properties Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th will be paid a $1.90 dividend. The ex-dividend date is Tuesday, September 30th. This represents a $7.60 dividend on an annualized basis and a yield of 13.6%. 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.