Innovative Industrial Properties, Inc. $IIPR is Koa Wealth Management LLC's 9th Largest Position

Key Points

• Koa Wealth Management LLC has increased its holdings in Innovative Industrial Properties by 13.4%, making the stock the firm's 9th largest position, with a value of approximately $3.77 million.
• Analysts have expressed mixed sentiments about the company, with ratings ranging from Strong Buy to Sell, resulting in an average rating of "Hold" and a price target of $78.67.
• Innovative Industrial Properties reported a quarterly earnings per share of $1.71, beating estimates slightly, but revenue was down 21.2% year-over-year, totaling $62.89 million for the quarter.

Koa Wealth Management LLC lifted its holdings in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 13.4% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 68,221 shares of the company's stock after purchasing an additional 8,047 shares during the quarter. Innovative Industrial Properties comprises approximately 3.0% of Koa Wealth Management LLC's investment portfolio, making the stock its 9th biggest position. Koa Wealth Management LLC owned 0.24% of Innovative Industrial Properties worth $3,767,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of IIPR. Millennium Management LLC boosted its stake in shares of Innovative Industrial Properties by 1,131.0% in the first quarter. Millennium Management LLC now owns 157,509 shares of the company's stock valued at $8,520,000 after purchasing an additional 144,714 shares during the period. Nuveen LLC purchased a new stake in shares of Innovative Industrial Properties during the 1st quarter worth $5,716,000. New Age Alpha Advisors LLC purchased a new stake in Innovative Industrial Properties during the 1st quarter worth about $2,921,000. Vanguard Group Inc. lifted its stake in Innovative Industrial Properties by 1.0% during the first quarter. Vanguard Group Inc. now owns 4,469,353 shares of the company's stock worth $241,747,000 after purchasing an additional 45,617 shares during the last quarter. Finally, Jump Financial LLC lifted its stake in Innovative Industrial Properties by 352.6% during the first quarter. Jump Financial LLC now owns 57,246 shares of the company's stock worth $3,096,000 after purchasing an additional 44,599 shares during the last quarter. 70.58% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on IIPR shares. Weiss Ratings cut Innovative Industrial Properties from a "hold (c-)" rating to a "sell (d+)" rating in a research note on Wednesday, October 8th. Wolfe Research cut 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 three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $78.67.

Innovative Industrial Properties Stock Performance

Shares of IIPR opened at $53.64 on Friday. The company has a 50-day simple moving average of $54.78 and a 200-day simple moving average of $54.50. 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 company has a market capitalization of $1.50 billion, a PE ratio of 11.61 and a beta of 1.64. Innovative Industrial Properties, Inc. has a 52-week low of $45.44 and a 52-week high of $135.82.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last announced its quarterly earnings results on Wednesday, August 6th. The company reported $1.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 last year, the firm posted $2.06 EPS. The business's revenue was down 21.2% compared to the same quarter last year. Equities research analysts predict that Innovative Industrial Properties, Inc. will post 8.28 earnings per share for the current fiscal year.

Innovative Industrial Properties Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, October 15th. Investors of record on Tuesday, September 30th were paid a $1.90 dividend. This represents a $7.60 annualized dividend and a yield of 14.2%. The ex-dividend date of this dividend was Tuesday, September 30th. Innovative Industrial Properties's dividend payout ratio (DPR) is presently 164.50%.

Innovative Industrial Properties Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.