HighTower Advisors LLC Buys New Holdings in Innovative Industrial Properties, Inc. $IIPR

Key Points

• HighTower Advisors LLC acquired 5,347 shares of Innovative Industrial Properties, valued at approximately $289,000, marking a significant new investment by the institutional investor.
• Weighing on sentiment, Wolfe Research downgraded Innovative Industrial Properties from an "outperform" rating to "peer perform," contributing to the majority consensus of "Hold" among analysts.
• Innovative Industrial Properties announced a quarterly dividend of $1.90, representing a substantial annualized yield of 13.9% despite a high dividend payout ratio of 164.50%.

HighTower Advisors LLC bought a new stake in Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 5,347 shares of the company's stock, valued at approximately $289,000.

A number of other large investors have also modified their holdings of the company. Nissay Asset Management Corp Japan ADV raised its stake in shares of Innovative Industrial Properties by 4.0% in the fourth quarter. Nissay Asset Management Corp Japan ADV now owns 4,228 shares of the company's stock valued at $288,000 after purchasing an additional 164 shares in the last quarter. Signaturefd LLC raised its stake in shares of Innovative Industrial Properties by 49.7% in the first quarter. Signaturefd LLC now owns 756 shares of the company's stock valued at $41,000 after purchasing an additional 251 shares in the last quarter. Principal Securities Inc. raised its stake in shares of Innovative Industrial Properties by 25.4% in the first quarter. Principal Securities Inc. now owns 1,495 shares of the company's stock valued at $81,000 after purchasing an additional 303 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in shares of Innovative Industrial Properties by 6.9% in the first quarter. Janney Montgomery Scott LLC now owns 4,927 shares of the company's stock valued at $267,000 after purchasing an additional 319 shares in the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH raised its stake in shares of Innovative Industrial Properties by 1.5% in the first quarter. Universal Beteiligungs und Servicegesellschaft mbH now owns 27,727 shares of the company's stock valued at $1,500,000 after purchasing an additional 411 shares in the last quarter. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Innovative Industrial Properties Stock Performance

Shares of NYSE:IIPR opened at $54.52 on Wednesday. Innovative Industrial Properties, Inc. has a twelve month low of $45.44 and a twelve month high of $138.35. The firm has a market cap of $1.53 billion, a PE ratio of 11.80 and a beta of 1.61. 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 business has a fifty day moving average of $53.93 and a 200-day moving average of $57.41.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its earnings results on Wednesday, August 6th. The company reported $1.71 earnings per share for the quarter, beating analysts' consensus estimates of $1.68 by $0.03. Innovative Industrial Properties had a return on equity of 7.26% and a net margin of 47.71%.The company had revenue of $62.89 million during the quarter, compared to analyst estimates of $64.36 million. During the same period last year, the company posted $2.06 earnings per share. The firm's quarterly revenue was down 21.2% compared to the same quarter last year. On average, equities research analysts predict 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 was paid on Tuesday, July 15th. Investors of record on Monday, June 30th were issued a $1.90 dividend. The ex-dividend date was Monday, June 30th. This represents a $7.60 annualized dividend and a yield of 13.9%. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 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.

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