HighTower Advisors LLC Takes $289,000 Position 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) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund 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 IIPR. PSI Advisors LLC increased its position in shares of Innovative Industrial Properties by 454.5% during the first quarter. PSI Advisors LLC now owns 610 shares of the company's stock worth $33,000 after acquiring an additional 500 shares during the period. SSA Swiss Advisors AG purchased a new position in shares of Innovative Industrial Properties during the first quarter worth about $33,000. GF Fund Management CO. LTD. acquired a new position in shares of Innovative Industrial Properties in the fourth quarter valued at approximately $34,000. Signaturefd LLC increased its stake in Innovative Industrial Properties by 49.7% in the 1st quarter. Signaturefd LLC now owns 756 shares of the company's stock valued at $41,000 after buying an additional 251 shares during the period. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in Innovative Industrial Properties during the 4th quarter worth $56,000. Hedge funds and other institutional investors own 70.58% of the company's stock.

Innovative Industrial Properties Trading Up 1.2%

Shares of IIPR traded up $0.67 during mid-day trading on Friday, hitting $57.32. The company had a trading volume of 197,239 shares, compared to its average volume of 322,535. The company has a quick ratio of 10.30, a current ratio of 10.30 and a debt-to-equity ratio of 0.16. The stock has a market cap of $1.61 billion, a PE ratio of 12.41 and a beta of 1.61. Innovative Industrial Properties, Inc. has a 1-year low of $45.44 and a 1-year high of $138.35. The business's 50-day simple moving average is $53.87 and its 200-day simple moving average is $56.94.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 6th. The company reported $1.71 earnings per share for the quarter, topping analysts' consensus estimates 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 was down 21.2% on a year-over-year basis. During the same quarter last year, the firm posted $2.06 earnings per share. Sell-side analysts forecast that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current year.

Innovative Industrial Properties Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, July 15th. Shareholders of record on Monday, June 30th were paid a dividend of $1.90 per share. The ex-dividend date of this dividend was Monday, June 30th. This represents a $7.60 dividend on an annualized basis and a yield of 13.3%. Innovative Industrial Properties's dividend payout ratio (DPR) is currently 164.50%.

Wall Street Analysts Forecast Growth

Separately, Wolfe Research downgraded shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, July 2nd. One research 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. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and an average price target 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.