Innovative Industrial Properties, Inc. $IIPR Shares Acquired by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. increased its stake in Innovative Industrial Properties by 1.0%, owning approximately 15.96% of the company valued at $241.7 million.
• The company reported earnings per share of $1.71 for the last quarter, surpassing expectations but showing a 21.2% decline in revenue year-over-year.
• Innovative Industrial Properties announced a quarterly dividend of $1.90, resulting in an annualized yield of 14.6% despite a high dividend payout ratio of 164.50%.

Vanguard Group Inc. lifted its position in shares of Innovative Industrial Properties, Inc. (NYSE:IIPR - Free Report) by 1.0% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,469,353 shares of the company's stock after buying an additional 45,617 shares during the period. Vanguard Group Inc. owned approximately 15.96% of Innovative Industrial Properties worth $241,747,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. New Age Alpha Advisors LLC acquired a new stake in shares of Innovative Industrial Properties during the 1st quarter worth $2,921,000. Klein Pavlis & Peasley Financial Inc. boosted its position in Innovative Industrial Properties by 26.9% during the 1st quarter. Klein Pavlis & Peasley Financial Inc. now owns 15,980 shares of the company's stock worth $892,000 after purchasing an additional 3,383 shares during the period. PNC Financial Services Group Inc. boosted its position in Innovative Industrial Properties by 26.6% during the 1st quarter. PNC Financial Services Group Inc. now owns 3,011 shares of the company's stock worth $163,000 after purchasing an additional 633 shares during the period. SSA Swiss Advisors AG purchased a new stake in Innovative Industrial Properties during the 1st quarter worth $33,000. Finally, Baader Bank Aktiengesellschaft boosted its position in Innovative Industrial Properties by 18.8% during the 1st quarter. Baader Bank Aktiengesellschaft now owns 6,774 shares of the company's stock worth $352,000 after purchasing an additional 1,074 shares during the period. 70.58% of the stock is currently owned by institutional investors and hedge funds.

Innovative Industrial Properties Stock Performance

NYSE:IIPR opened at $52.00 on Tuesday. The company has a debt-to-equity ratio of 0.16, a current ratio of 10.30 and a quick ratio of 10.30. The firm has a 50-day moving average of $54.52 and a two-hundred day moving average of $58.75. The stock has a market cap of $1.46 billion, a P/E ratio of 11.26 and a beta of 1.65. Innovative Industrial Properties, Inc. has a 1-year low of $45.44 and a 1-year high of $138.35.

Innovative Industrial Properties (NYSE:IIPR - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $62.89 million during the quarter, compared to analysts' expectations of $64.36 million. Innovative Industrial Properties had a net margin of 47.71% and a return on equity of 7.26%. The firm's revenue for the quarter was down 21.2% on a year-over-year basis. During the same period in the prior year, the company posted $2.06 EPS. On average, research analysts expect 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 Tuesday, July 15th. Shareholders of record on Monday, June 30th were given a $1.90 dividend. This represents a $7.60 dividend on an annualized basis and a yield of 14.6%. The ex-dividend date of this dividend was Monday, June 30th. Innovative Industrial Properties's dividend payout ratio is presently 164.50%.

Wall Street Analyst Weigh In

Separately, Wolfe Research cut shares of Innovative Industrial Properties from an "outperform" rating to a "peer perform" rating in a research report on Wednesday, July 2nd. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Innovative Industrial Properties has a consensus rating of "Hold" and an average target price 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.

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